Demand for importer debt bonds has revived and the Central Bank has placed more than $2.4 billion

At the end of the month, demand for Bopreal, the Bond for the Reconstruction of a Free Argentina, managed to recover and on Thursday the Central Bank announced that in the fifth tender in January it would be possible to place additional 2,454 million dollars. In this way, the organism It was already able to place $4,096 million, of the total share of $5,000 million that had been allocated for the first series of such bond to be offered in the first month of the year.

After a failed start and a worse than expected race last week, this time the participation was record: 690 companies in the import sector took part in the placement. The widening gap and the simplification of some bureaucratic procedures have boosted demand. According to the Central Bank, just over 900 million dollars remain to be placed, for which there would be a sixth tender which should start on the last working day of January.

The amount assigned this Wednesday doubles that achieved in the third auction of this bond, when the car manufacturer Toyota had subscribed 90% of the $1,179 million. The market expected the outcome of this fifth race, yet the result was a positive surprise.

The bond began to be traded on the secondary market and this also served as a stimulus for more and more companies to decide to subscribe to it. By Wednesday, locally managed volume had increased to $3.8 million, the highest value recorded since its creation.

“This crazy priceIt allows you to purchase $1,243 worth of dollars via auction (5.5% below the CCL) and at an average value of $1,221 including access to the MULC and CCL (7.1% below the CCL). Furthermore, transactions worth $700,000 were recorded abroad, at an average price of $66,” they told Cohen.

“Already in a context of higher volumes handled on the secondary market, a widening gap and adding the incentive that this is the last opportunity to avoid the PAIS tax, better results are expected on this occasion,” the IEB Group said . “This way, demand for dollars from importers could be diverted and absorb a large amount of surplus pesos, which would reduce pressure on financial dollars”they added.