The second auction of Series 2 of the Bonds for the Reconstruction of a Free Argentina (BOPREALs) concluded today. Four hundred and eighty bids were submitted and awarded for a total nominal value of USD1,170 million, reaching a total aggregated amount of USD1,440 million (NV).
BOPREAL Series 2 will be auctioned weekly for up to a total nominal value of USD2,000 million. In the event that the demand for BOPREAL Series 2 in any auction exceeds the maximum issuance amount, the bonds will be awarded giving priority to the first USD500,000 (NV) demanded per company in said auction, the remaining amount being awarded pro rata based on the amount demanded.
All importers that have outstanding debts registered in the Registry of Commercial Debt from Imports Owed to Foreign Suppliers will be eligible to bid.
Once the BCRA analyzed and completed the Registry, it allowed around 10,000 MSMEs to access the free exchange market to pay off their commercial debts owed for USD500,000 as a maximum in a staggered manner over the following three months. During the first day, around 105 MSMEs made payments for USD4 million.
In answer to interested parties’ concern about the possibility of selling in advance the securities subscribed in a primary auction, the BCRA has established that BOPREAL Series 2 may be traded on the stock exchange and the stock market, like Series 1 and 3.
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.
