In a market with fewer and
fewer options that manage to beat inflation
, Argentine investors are looking for new alternatives to shelter their capital.
After the placement of Series 1 of the Bond for the Reconstruction of a Free Argentina (
Bopreal
), through which the Central Bank seeks to cancel the debt contracted with importers,
now the organization is trying to seduce SMEs
to subscribe to the second series.
Although to subscribe to Series 1 of this bond, now closed, you had to be an importer and be registered as such with the Central Bank,
for its negotiation in the secondary market there is no such limitation
.
The bond
yields 18% annually in dollars
and an average of US$15 million is traded daily in this market,
which any type of investor can access
.
What's more,
there are already banks that are offering it to their retail clients
to purchase from homebanking.
But
is this a truly attractive opportunity?
Opinions in the City are divided.
On the one hand,
Pedro Siaba Serrate
, from
PPI
, stated: "The Bopreal
Series 1
can be a
good alternative
, given that we consider for now its application for tax payments (at par) is not included in the price, which should start to traction in the coming weeks/months."
"Unlike the Bonares/Globales, this instrument that is a
Central Bank risk
(a priori better than the National Treasury)
ends up amortizing in the Milei administration,
which is an
attractive feature
for those who want to bet on a good performance of the administration, but without exposing oneself to what may come later," he added.
Like everything, investments are based on expectations.
In that sense, Siaba Serrate clarified: "However, for an aggressive investor who wants to bet on a normalization of the sovereign curve, which implies not only an agenda of structural reforms and reaching fiscal balance this year, but also being able to maintain it over time ,
Global bonds at these prices have a greater
upside
(possibility of rise)
.
From
Cocos Cap
they explained: "Retailers can enter the App and search
for BPO27 and buy like any other asset
(minimum 100 and in multiples of 10). But
it does not serve to settle online and transfer on account and order to a third party in abroad (as can be done with Globales)
. You can only sell it (in the currency you want) and transfer it to an account in your name, wherever it is, but in your name."
There are those who consider that investing in a bond like Bopreal
requires a certain sophistication
that the average retail investor does not possess.
As explained by the Central at the time of its launch, the first series will accrue interest in dollars at the annual nominal rate of five percent (5%) and will be calculated on the basis of months of thirty (30) days and years of three hundred and sixty. (360) days.
But on March 1, this instrument will be divided into four "subseries", which may cause each one
to lose volume and make it less attractive to retailers.
"Once that happens, we have to look at the objective of the retail investor because the series A, BYC can be treated as a link dollar, hard dollar or to pay taxes depending on the objective of each of those who invest," he said and added:
" "If they take it as a
hard dollar
, an AL30 is preferable to the value quoted today."
In that sense,
Mateo Reschini , from the
Inviu
investment app
, stated: "As an investment for retailers, we think of it as a medium or long-term investment for a more speculative investor. Sovereign bonds, the AL30, the G30, G35, They have a greater appeal because they are, let's say, bonds at a lower parity, what one would want is for it to be the lowest possible parity.
Meanwhile,
Series 2 has greater appeal for retailers,
but its secondary market will begin to operate after the XXL Carnival holiday.
"It is
a simpler, shorter bond with monthly dollar flow
from July 2024 to June 2025, although it does not pay an interest coupon, it is purchased at a discount and can work well," Repetto explained.
NE