The Bopreal announcement, the bonus with which the Government intends cancel the debt with the importing sector, was even poorer than last week. The Central Bank of the 750 million dollars offered on the market, it managed to place only 57 million dollars. The poor performance of this placement was felt in the exchange rate gap: with liquidity rising by over 3% and reaching 1,100, The distance to the officer was 34%.
This bond is intended to repay part of the debt of 62 billion dollars which the Central accumulated from importers until December 13, the date on which, after the devaluation of the peso, the foreign trade scheme was modified.
The presiding body Santiago Bausili It announced that it will continue with weekly calls for the first round of this instrument until the end of the month “or until the maximum amount of $5,000 million is reached”, but did not clarify whether this will be possible. will add more “sweeteners” for investors.
At the same time, the monetary authority confirmed this The tenders for series 2 and 3 of the same bond will begin in February. These will have “a smaller amount” whose premium will be determined on the basis “of the information provided by the Register of Foreign Commercial Debts, with priority given to SMEs and intermediate suppliers in the production chain”.
In a statement, the Central reminds: “To know the characteristics of these tools, their functioning and the procedure for importers to access these tenders, consult the Guide for importers published by the BCRA”.
At its debut, in the last week of 2023, Bopreal had only made a request of $68 million, out of a total amount of $750 million that the monetary authority had placed.
Even if it is said in the Municipality that the bonus fails to seduce importers, sources from the economic group had hidden behind the “short period” that elapsed between the presentation of the instrument and the tender, in a shorter week due to the Christmas holidays .
Now the situation was almost identical. With one less business day due to Monday’s Jan. 1 holiday, operational issues related to this positioning may have posed a hurdle for banks and importers.
However, analysts believe that, in this context of relatively calm exchange rates and limited gap, This bond is not attractive enough for this sector. “The second series could be more attractive for SMEs”an industry source explained.
“Issuing a bond with this level of complexity seems unattractive to importers who are left without access to the foreign exchange market,” Aurum Valores said before the tender. They also warned that the ability to use this bomo to pay taxes doesn’t even work as an incentive: “Only if stocks continued to offer high gaps could there be some degree of incentive to use it to pay taxes (due to the exchange). differential that would allow the use of AFIP),” they said.
Precisely the increase in the gap in the last few days could help the remaining races of this month. Fund manager MegaQM said: “With the gap increasing to 34%, the incentives for this instrument have increased, so better acceptance in subsequent tenders, especially at the end of the month, cannot be ruled out.”}.
Source: Clarin
