Following the announcement made at the beginning of Stage 3 of the Economic Program, the Board of the BCRA approved today the issuance of Bonds for the Reconstruction of a Free Argentina (BOPREAL) Series 4 to regulate outstanding foreign obligations related to the stock of dividends and retained profits accumulated until December 2024, commercial and financial debt services with related institutions and commercial debts accumulated until December 12, 2023.
In this stage, a total issuance amount of up to USD3,000 million has been approved, to be awarded through successive auctions by subscription. These bonds will be denominated in US dollars and will accrue a 3% APR, paid on a semi-annual basis. The principal will be repaid in a single payment in October 2028. The bonds may be subscribed in pesos (at the benchmark exchange rate under Communication A 3500) to meet the aforementioned foreign liabilities.
It is expected that up to one third (USD1,000 million) of the final issuance amount of BOPREAL Series 4 may be used to pay tax and customs obligations, as determined from time to time by the Customs Control and Collection Agency (Agencia de Recaudación y Control Aduanero, ARCA).
The BCRA will announce the auction dates for subscribing to Series 4 through a Communication B release. The first auction is scheduled for mid-May.
This new issuance seeks to move forward to solve inherited foreign exchange imbalances related to retained foreign debt stocks, and supplements the relaxation of capital flows and the normalization of the exchange rate regime announced at the beginning of Stage 3 of the Economic Program.
