The Central Bank of Argentina concluded this Thursday the first tender for the new Bonds for the Reconstruction of a Free Argentina (BOPREAL), instruments with which it seeks to regularize its millionaire debt with importers, who, according to them time, they accumulate a huge commercial debt … with the outside world. As reported by the monetary authority, this Thursday BOPREAL series 1 securities were placed for a total of 68 million dollars.
“They are expected to leave clarify operational processes for subscription and associated documentation necessary for this purpose, the participation volume will increase,” the monetary authority said in a statement.
Last Friday the Central Bank announced that it would issue the new bonds this week to respond to the problem generated by the accumulation of trade debts of importers.
These debts arise from the restrictions that importers have had since mid-2022 to access dollars due to the meager monetary reserves of the Central Bank, whose debts to importers would amount to approximately 30 billion dollars, according to calculations by private consultants.
According to the Central Bank’s decision, importers can access BOPREAL in exchange for commercial debt accumulated up to December 12 and demonstrable.
Importers will be able to subscribe to the new bonds with the peso liquidity they have available to meet their commitments abroad and in exchange they will receive a flow of foreign currency from the Central Bank.
There are three series of BOPREAL, all denominated in dollars: one short-term (Series 2, expiring in June 2025), another medium-term (Series 3, expiring in May 2026) and a third, Series 1, expiring in October 2027.
Series 1, placed for the first time this Thursday, will accrue an interest rate of 5% per annum and, like the other two series, will be payable in dollars, both principal and interest.
Source: Clarin
