Although there was some anticipation for the last races of the Series I of the Bond for the Rehabilitation of Free Argentina (BopreaI) The first tender of the second series of this instrument, aimed only at small and medium-sized importing companies, raised 54% of what was requested by the Central Bank. According to the organization, $271 million of the $500 million allocated for this first week have been paid.
A total of 349 offers were received, which were fully awarded. It was a modest start for the second series of this title with which the government intends to pay off its debt to the importing sector. Like the first series, the City hopes that this time, Investor appetite goes ‘from less to more’. Something similar had happened in the first weeks of January, when series 1 was placed with little impact.
“Series 2, which was initially reserved only for companies in the MSME segment, will continue to be offered through weekly tenders until the maximum amount of 2,000 million Vietnamese dollars is reached,” the organization specifies. “Starting from the auction that will be announced next week, The tenders will be open to all those importers who have balances awaiting cancellation of their debt registered in the Register of Commercial Debts for Imports with Foreign Suppliers“He added.
At the end of last week the Central Bank had decided to authorize the holders of this security to operate with it on the secondary market, in order to give more volume to this operation. “Potential interested parties in participating in the Series 2 auctions are reminded that, in response to the request of interested companies regarding the possibility of selling the securities obtained in the primary auction in advance, the BCRA has decided to authorize it for listing on the stock exchanges and markets, as well as series 1 and 3,” he clarified in a statement.
Tobias Sanchez, of Cocos Capital, said: “Although the total amount auctioned has not been completed, it must be kept in mind that this first tender was exclusively for MyPYMES, so there may be an increase in demand for the bonds in the coming dates to which all companies will have access.”
In this sense, Javier Casabal, Fixed Income Strategist of Adcap Grupo Financiero, declared: “We expected a much higher number. “Perhaps we will see more demand the week the tender is open to all businesses, not just SMEs who have been given priority so as not to be harmed in a very likely proportion.”
“In our opinion, this is the ideal bonus for importers, as it allows them to get dollars as quickly as possible. That is why we expect a high price on the secondary market, in the order of 80 US dollars, which would allow them to get dollars at an exchange rate of $1,219. From an investor’s perspective, this means an attractive yield of 24%, where we expect an upside of around 15% to $92.”
Source: Clarin
