BCRA Concluded BOPREAL Series 1 Auctions

The BCRA awarded today the remaining BOPREAL Series 1 for USD904 million (nominal value), reaching the maximum amount of USD 5,000 million (nominal value) available for this series.

The bids made by 776 companies reached USD1,629 million (nominal value), exceeding the maximum amount available for this series; hence, the bids were awarded on a pro rata basis. The entire BOPREAL Series 1 was awarded to more than 1,300 companies over the course of six auctions.

In addition, around 10,000 micro-, small- and medium-sized enterprises (MSMEs) will be able to access the free exchange market as from February 10, 2024, in a staggered manner, to pay off their commercial liabilities owed abroad for USD 500,000 as a maximum on condition that debts are recorded in the Registry of Commercial Debt from Imports Owed to Foreign Suppliers—which has been jointly launched with the Secretariat of Commerce and the Federal Administration of Public Revenue.

In the coming days, the BCRA will announce the schedule for BOPREAL Series 2 and 3 in order to continue moving forward in an orderly solution for importers to overcome the crisis brought about by their accumulated commercial debts incurred before December 13, 2023. Importers’ debts must be recorded in the Registry to be eligible to bid. They may access any series of BOPREALs, on an aggregate basis, for up to the amount of the debts so registered.

BOPREAL Series 2 will be offered for USD2,000 million (nominal value), and will accrue no interest. Amortization will be paid down in dollars between July 2024 and June 2025. In addition, MSMEs' bids will be awarded on a priority basis in accordance with the mechanisms that will be announced soon. In turn, BOPREAL Series 3 will be offered for USD3,000 million (nominal value). This bond will accrue an interest rate of 3% and will be paid down in three quarterly installments, from November 2025 to May 2026.

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

January 31, 2024