Hear
The sixth auction to place Series III of the Bond for the Reconstruction of a Free Argentina (Bopreal) confirmed what was presumed: The demand for this title, which is offered to importers who acquired debt with foreign suppliers due to the rigidity that the stocks took in the last part of the Fernández administration, does not react.
This verification led the Central Bank (BCRA) to officially admit that it is analyzing “opening subscription in the next tenders for companies that require distributing profits and/or dividends to non-resident shareholders.” a possibility that arose from orders made in this regard by some companies in the last week, to expand their potential demand and exhaust at least the US$1,803 million quota that still exists for this title.
The demand for these companies arises not coincidentally now that A market that is gaining dynamism was developed with these papers and aims in turn to try to unblock – in some cases – investments that they have in the pipeline, but that continue to be objected to by their parent companies abroad based on this impossibility that they found of not being able to transfer part of the money earned by their business in the local market.
In turn, the BCRA analyzes it because a rule has been maintained since September 2019 that provides that there must be “prior agreement” on its part so that these payments can be made, which would allow it to audit that demand.
The whitewashing of this option, still under analysis, came after will award this afternoon another US$113 million from Boperal III, after accepting all the purchase offers presented by 147 companies. “The accumulated amount of this species is US$1,197 million,” he stated in the official statement.
