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The BCRA awarded only US$68 million, well below expectations

The so-called Bond for the Reconstruction of a Free Argentina (BOPREAL) It did not have the start expected by the president of the Central Bank, Santiago Bausili, and the Minister of Economy, Luis Caputo. In the first tender for this instrument Only US$68 million were awarded out of a total offered of US$750 million.

“It started with little interest the BOPREAL. As we have been saying, such a low gap does not close with the basic idea of ​​a bonus for importers. We will see how things continue, if imports take off and, after the seasonal peak, if the gap recovers, things may be different,” said economist Gabriel Caamaño, director of Ledesma Consultant.


According to market sources, the low demand would have been due to the fact that just 24 hours before the tender Federal Public Revenue Administration (AFIP) enabled the debt registry of importers. They also consider that access is still very complex, although they maintain that in the long run it will work because there is no other way to pay the debt stock in force as of December 13.

From From a purely financial point of view, the problem that BOPREAL has is the low gap with cash settlement (CCL).

A company that acquires that title could channel it into the financial market, with a gap of the current 20%. But many financial operators expect that spread to open to 35% at the end of January. Therefore, if they buy within a month, they can get some return.


Thus, in the first operation only 9% of what was offered was placed, although there are those called “sweeteners” to attract the attention of potential buyers. Some consider that this must be analyzed as a long round that will expire on January 31, 2024.

The Central Bank is bidding Bopreal Series 1, which in turn has three types: A, B and C. These can be used to pay taxes for up to US$3,500 and, most importantly, that whoever subscribes before the end of January will not pay the COUNTRY Tax when you do an import.

In a report, the Romano Group brokerage company maintains that “the monetary authority offers titles that we estimate will be of interest to importers, mainly because of the ‘sweeteners’ that are incorporated.”

“We will be attentive to how the market receives the incorporation of these titles, but that without a doubt they are novel and even extravagant in terms of their issuance, so their valuation is still subject to too many ‘ifs’ (conditionals),” the report states.

The study suggests that there may be good reception later in the secondary markets, where BOPREAL functions as one dollar linked. In addition, they are redeemable in advance at technical value, similar to Lediv (linked dollar letters) that the BCRA was offering in the previous months. In a stress scenario, they offer greater coverage than the bonds issued by the Treasury.

What cannot be lost from perspective is that theoretically a company that buys this voucher would have to offer it as payment to its supplier, but in general they are rejecting it. In that sense, It is not so attractive for SMEs and companies as for financial operators.

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