The bonus for importers has not yet taken off. Although last week the Central Bank announced a positive result in the weekly tender for the Bond for the Reconstruction of a Free Argentina (Bopreal), this Thursday the organization announced that it will not be able to place 340 million dollars, just 28% of what was placed seven days ago.
There was anticipation on the market for this fourth race, especially considering that during the week there was a parallel jump in the dollar brought the gap closer to 60% Therefore, the incentives have been improved for the importing sector to bet on this instrument to start regularizing the debt incurred by the monetary authority during the previous government.
Furthermore, last Thursday the Central Bank introduced two regulatory changes key to improving the attractiveness of an instrument that fails to seduce the market. On the one hand it had authorized those who subscribed to this security to settle it in cash with settlement so that it could be credited to an account abroad. On the other hand, it authorized them to access the official market starting next month.
Last week, Toyota had subscribed to a good part of what was placed. For this reason, it was expected that new car manufacturers, such as for example, would participate in Thursday’s race General Motors and VW. “Large companies don’t finish joining because they don’t find the incentives” They commented in City.
There are complaints in the sector that the new tool does not take into account the needs of importing SMEs. “They created a lab design tie-in to a real-life problem,” one trader said. “Small and medium business owners who are immersed in their operational wheel trying to move their companies forward have no financial knowledge. It is very difficult for them to understand what BOPREAL is, how it works,” another source commented.
Despite the poor result, the Central Bank would be willing to validate two more new weekly races by the end of January. The organization has set a total quota of 5,000 million dollars, of which 1,644 million dollars has been allocated to the first four races. Since several multinationals are currently analyzing the implementation of this operation in the city, they do not rule out a better tender in the next week.
However, Pablo Repetto, by Aurum Values listed some of the reasons for the apathy generated by this bonus: “It is a long-term period and it is very complex to evaluate it with any certainty. It is not clear whether it is a dollar bond, a linked dollar or a hybrid”, he explained, adding: “There is no fluid secondary market and the purchase positions which appear even if at high prices (for the value that should be valid) does not seduce those who have to subscribe”.
Source: Clarin
