Last Call for biding BOPREAL Series 1 with Benefits for Importers Subscribing in the Primary Market

The last auction of BOPREAL Series 1 (Bond for the Reconstruction of a Free Argentina) will be held on January 30 and 31 as announced by the BCRA in Communication B12730.

In the first five auctions, BOPREAL Series 1 were already awarded for USD4,096 million (NV) out of a total regulatory amount of USD5,000 million (NV). Hence, the remaining amount available for this auction is USD904 million (VN).

Importers subscribing BOPREAL Series 1 before January 31 have the following benefits:

• The amount subscribed is not levied with the Tax for an Inclusive and Solidary Argentina (Impuesto Para una Argentina Inclusiva y Solidaria, PAIS).

• Anyone subscribing BOPREAL Series 1 for at least 50% of their debt will be eligible to access the forex market as from February 1, 2024 for up to 5% of the amount subscribed. Additionally, importers may repay the remaining stock of debt out of foreign currency proceeds from exports which would be collected from March 1, 2025-according to the regulatory terms-for up to 10% per month. Likewise, they will be entitled to pay off 10% of their debts ahead of time if they collect in advance the proceeds from exports that would otherwise be received as from March 2025.

• In the event that the subscription of BOPREAL Series 1 is less than 50% but equal to 25% of the debt or higher, importers will be allowed to pay their debts for which no bond is subscribed with up to 50% of the foreign currency proceeds from exports that would be collected from March 1, 2025, under the scheme described above.

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 29, 2024