BCRA Concluded BOPREAL Series 2 Auctions

The BCRA has conducted today the third auction of the Bonds for the Reconstruction of a Free Argentina (Bonos para la Reconstrucción de una Argentina Libre, BOPREAL) Series 2, and reached the total amount available for the series—USD2,000 million (NV).

In this auction, 655 bids were received for a total amount of USD1,126 million (NV). As the bids exceeded the maximum issuance amount, the bonds were awarded giving priority to the first USD500,000 (NV) demanded per company, the remaining amount being awarded pro rata based on the amount demanded. Thus, USD560 million (NV) were awarded, which, together with the USD1,440 million awarded in the two previous auctions, represent the maximum amount for the series.

In turn, BOPREAL Series 1 had reached the maximum amount of USD5,000 million (NV) in the first six auctions. Next week, BOPREAL Series 3 will be auctioned for up to USD3,000 million (NV). BOPREAL Series 3 will accrue an interest rate of 3% and will be paid in three consecutive quarterly installments, the first one in November 2025. Series 3 may also be transferred and traded in the secondary market. All importers that have outstanding debts registered in the Registry of Commercial Debt from Imports Owed to Foreign Suppliers—which has been jointly launched with the Secretariat of Trade and the Federal Administration of Public Revenue—may bid for the amount of their debts net, if applicable, of their subscription of the other available instruments. In the event that the bids for BOPREAL Series 3 exceed the maximum issuance amount, the bonds will be awarded pro rata based on the amount demanded.

Moreover, after analyzing the Registry, the BCRA allowed around 10,000 MSMEs to access the Free Foreign Exchange Market (Mercado Libre de Cambios, MLC) to pay off their commercial debts for up to USD500,000 in a staggered manner over the following three months without subscribing BOPREALs. Since this option became effective, more than 2,600 MSMEs have repaid debts from imports for a total of USD80 million.

For more information on the requirements and procedures for importers to participate in the BOPREAL auctions, please see the guide prepared by the BCRA.

February 22, 2024