Bonds: The market has already begun to calculate how much the new 4 series bopreal

This Wednesday the Central Bank of the Argentine Republic (BCRA) will advance with the First tender of the 4 series Bopreal for up to US $ 3,000 million. Before the announcement, the market has already started Calculate how much could the instrument rendered once it comes to quote on the bag.

According to the agency led by Santiago Bausili, the new tender may participate in the Importers with commercial debts prior to December 2023companies with internal debts and those that have profits or dividends that could not be distributed by the existence of the stocks.

However, when it can be operated in the secondary market, The Bopreal can be acquired by any investorboth wholesale and retail. But to negotiate successfully, you must adjust your performance to a competent level.

How much could the new 4 series bopreal take?

According Justina Gedikianstrategist in Cohen Financial Allies, the Government has already confirmed that The 4 Series Brepreal will be broadcast on par and will accrue a rate of 3% per year payable semiannually.

Therefore, contemplating current prices and considering the Bopreal curve, It should be negotiated with a parity of around 83%which would imply a Internal Rate (IRR) 9.2%or even something else because the title expires after the current mandate of Javier Milei ends.

“In this sense, subscribe Bopreal and then selling it in the secondary market would imply assuming an implicit exchange rate of $ 1,433, that is, a 21% gap on the official exchange rate. Although it does not wear an attractive dollar, the success of this placement could function as the thermometer of the potential demand and the hurry of the entities for canceling their obligations with the outside,” said the specialist.

For its part, Rocco AbalsamoFinancial Advisor in Capitos Capital, said that the investor interested in the Bopreal Series 4 “will not be the same as the one who subscribes it in the primary market.”

“He who subscribes it in the primary market will be implicitly accepting a price drop between 17.1% and 19.5% in dollars, in post of being able to skip cross restriction, that is, access to dollars for dividend payment,” said the Executive.

Anyway, if this gap is not validated, The Central Bank could increase the coupon of the bonus to achieve a IRR of between 9% and 10% require a much lower price dropwhich would reduce the implicit exchange rate to be paid in the tender.

According to market projection, The 4 series bopoplike the 2030 global, which are operated today with a 10%IRR, approximately.

The difference would be that, in the case of the central bank bonds, They will have a tax benefit. “The Government decreed that the holders of the Bopreal Series 4 will be able to use up to US $1 billion to cancel taxes during the window between April 28 and October 31, 2028,” they detailed from Personal investments portfolio.