A significant adhesion is expected, taking into account that there are still around US$904 million available for this round.
This flexible approach seeks to encourage participation and facilitate financial management for investors, thus consolidating the strength and positive market response to these initiatives.
Ignacio Petunchi
The Central Bank (BCRA) began a new phase of Series 1 of the Bonds for the Reconstruction of a Free Argentina (Bopreal), with a maximum limit of US$5,000 million, starting yesterday, Tuesday. This tender will close this Wednesday and it is anticipated that it will have good adhesion, which will have an impact on the dollar Cash with Settlement (CCL) considering that the first five auctions have already allocated a total of US$4,096 million, leaving a remainder of US$904 million for this occasion.
And, as the economist explains well Elena Alonso in statements to Ambita tender “will decompress the CCL” because by acquiring the BOPREAL, the supplier is going to pay the debt with that bond. However, he warns that this will only happen next week, which is when those who acquired BOPREAL in this session “They will be able to sell those bonds in cash with liquidation“.
In this way the CCL demand is decompressed, today at $1,270.00 by importers, because they are using it through BOPREAL. But as Alonso indicates, on the other hand, there is also the expectation that all the direct demand for dollars that the BCRA has will be mitigated by issuing a bond that will only be paid in a few years.
In this regard, the economist maintains that the CCL may have a calm day this Wednesday, “it may even go down a little,” but if today’s tender turns out to be a good tender, it may go down a little more. However, Alonso clarifies that the impact on the CCL and in general on free dollars will also depend on what happens today with the DNU.
BOPREAL: the background
The BCRA highlighted that the subscriptions made during this phase will offer benefits to investors, including the exemption from PAIS tax on the amount subscribed, regardless of the percentage of the debt prior to December 12, 2023.
The successful previous call, which allocated all of the offers received by 690 companies for a nominal value of US$2,454 million, is attributed to greater certainty in volumes and prices in the secondary market, the overcoming of operational obstacles and the stimulus of the Country Tax exemption (16.5%) for subscribers until January 31.
Starting February 1, those who subscribe at least 50% of the debt will have the possibility of accessing the Free Exchange Market (MLC) for up to 5% of the subscribed amount. In addition, they will be able to progressively pay off the remaining debt using the flow of foreign currency from exports, whose settlements had to be entered as of March 1, 2025, with a limit of up to 10% per month, according to the established regulatory deadlines. Early cancellation will be allowed in case of obtaining advance collections for exports that must be entered in the same period.
In situations in which the subscription is less than 50%, but equal to or greater than 25% of the debt, importers may cancel the unsubscribed part, using up to 50% of the foreign exchange flow from exports planned from March 2025.
This flexible approach seeks to encourage participation and facilitate financial management for investors, thus consolidating the strength and positive market response to these initiatives.
Source: Ambito
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