The most logical and strategic alternative for those who have already been positioned in the BPJ25 is to remain within the same instrument universe.
On June 30, the BPJ25 expires, a bonus issued by the Central Bank of the Argentine Republic (BCRA) which allowed investors to maintain exchange exposure with dollars through payments in pesos at the official exchange rate. Its expiration opens a key instance to decide how to reinvest that capital in a context where financial stability is still fragile, but economic policy seems to be achieving a certain order in macro variables.
Within this framework, the most logical and strategic alternative for those who have already been positioned in the BPJ25 is to stay within the same instrument universe: the BOPREALES. These are bonds that also emits the BCRA, called in dollars, but payable in pesos at the official exchange rate, which makes them an efficient tool of coverage compared to possible devaluations, without exposing themselves to the high volatility of the parallel market.
Today, among the options in force, Three Bopreal stand out: The BPA7D, expiring in July 2025 and a 5.63%dollars; The BPOB7, which expires in February 2026 and offers a tir of 6.77%; and the BPOC7, expiring in March 2026 and a 7.70%IRR, positioning itself as the most attractive of the group. All these alternatives greatly exceed the performance of traditional sovereign bonds under local or foreign legislation, such as bonars or global.
The attractiveness of the Bopreal
The attractiveness of the Bopreal lies in several factors. First, they are not subject to the same risk of restructuring or political volatility as the titles of the National Treasury. Its issuance responds to technical objectives – ABSORBER Liquidity and offer investment instruments in coverage – and not to the need to finance the deficit. This gives them a more stable and predictable profile.
LIVING FINANCE MARKETS ACTIONS INVERSIONES BONDS
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Secondly, they offer exchange coverage without having to resort to cash (CCL) or the MEP market, mechanisms that usually have additional operating costs and risks. When paying in pesos at the official exchange rate, the Bopreal allow partially dollarizing without leaving the regulated circuit, which is especially valuable for conservative investors or companies with obligations in foreign currency.
Compared to global and bonares, which are quoted with depressed parities and high -risk country, the Boppreals look more solid from the point of view of the return adjusted by risk. The low probability of default, the technical support of the BCRA and the existence of a growing secondary market reinforce its attraction as a transition instrument towards a more orderly economy.
LIVING FINANCE MARKETS ACTIONS INVERSIONES BONDS
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The reinvestment of capital that releases the BPJ25 represents, therefore, a concrete opportunity to continue obtaining positive real returns, maintaining coverage before an eventual acceleration of the crawling PEG and avoiding exposure to external shocks. In this context, opt for the BPOC7 – with its IRR close to 8% and a moderate expiration – appears as one of the most rational and profitable decisions of the available menu.
The logic of continuity within the Bopreal is not only a matter of performance, but also of confidence in an instrument that has proven its usefulness for both the BCRA and the investors. While the macroeconomic scenario remains relatively stable and the commitment to the fiscal order continues, these bonds will continue to offer an attractive combination: performance, coverage and low relative risk.
Financial Analyst
Source: Ambito
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