Post by account_disabled on Feb 24, 2024 23:32:57 GMT -6
This Wednesday the Central Bank completed the placement of series 1 of Bopreal, the dollar bond for importers with which it seeks to channel the large stock of commercial debt , aspire pesos and create a bridge towards the implementation of a new monetary regime. The BCRA awarded the US$904 million that remained pending after last week's results. There were offers from 776 companies for a total of US$1,629 million, but only the remaining amount was awarded through proration.
Thus, it exhausted the US$ 5,000 Country Email List million planned from the beginning for this first series, due in 2027, which had a series of tax and exchange incentives that were expanded after the setbacks of the first tenders. Without those “sweeteners” that they won today . Now the economic team is preparing the launch of the second stage of Bopreal.
As Ámbito learned, this Thursday the monetary authority aims to close the schedule and the award mechanism for series 2 and 3, they will begin their placement together next week.
In Reconquista 266 and Hipólito Yrigoyen 250 they celebrated the result. Bopreal is a tool that reproduces multiple bands in the strategy of Javier Milei's government to "dry up" the peso market, "classify" the debt for imports, dollarize a part of the remunerated liabilities and set a range for the exchange gap. All in the direction of creating the framework to move towards a new monetary regime, such as the much mentioned and questioned dollarization (for which they do not have the conditions today) or some alternative scheme.
For now, after a start with little appetite on the part of importers for this bonus that is subscribed in pesos but paid in dollars (due to the reluctance to accept it on the part of their suppliers), finally in the last two weeks the team The economic sector managed to place the US$5 billion it had planned for January . They helped the gap expand to 50-60% and the increase in Bopreal parities in the secondary market to 67/69 US dollars. This allowed companies, according to calculations by different analysts, to access the possibility of cancel their commercial debts abroad at an implicit exchange rate cheaper than the spot settlement rate (CCL). In fact, the result of this Wednesday's auction coincided with a 2% drop in the CCL, to $1,244.
Thus, it exhausted the US$ 5,000 Country Email List million planned from the beginning for this first series, due in 2027, which had a series of tax and exchange incentives that were expanded after the setbacks of the first tenders. Without those “sweeteners” that they won today . Now the economic team is preparing the launch of the second stage of Bopreal.
As Ámbito learned, this Thursday the monetary authority aims to close the schedule and the award mechanism for series 2 and 3, they will begin their placement together next week.
In Reconquista 266 and Hipólito Yrigoyen 250 they celebrated the result. Bopreal is a tool that reproduces multiple bands in the strategy of Javier Milei's government to "dry up" the peso market, "classify" the debt for imports, dollarize a part of the remunerated liabilities and set a range for the exchange gap. All in the direction of creating the framework to move towards a new monetary regime, such as the much mentioned and questioned dollarization (for which they do not have the conditions today) or some alternative scheme.
For now, after a start with little appetite on the part of importers for this bonus that is subscribed in pesos but paid in dollars (due to the reluctance to accept it on the part of their suppliers), finally in the last two weeks the team The economic sector managed to place the US$5 billion it had planned for January . They helped the gap expand to 50-60% and the increase in Bopreal parities in the secondary market to 67/69 US dollars. This allowed companies, according to calculations by different analysts, to access the possibility of cancel their commercial debts abroad at an implicit exchange rate cheaper than the spot settlement rate (CCL). In fact, the result of this Wednesday's auction coincided with a 2% drop in the CCL, to $1,244.