The Central Bank of the Argentine Republic (BCRA) has announced the issuance of a new series of Bonds for the Reconstruction of a Free Argentina (BOPREAL) Series 4. This decision follows the earlier announcement at the beginning of Stage 3 of the Economic Program. The issuance aims to address outstanding foreign obligations, including dividends and retained profits accumulated until December 2024, as well as commercial and financial debt services with related institutions and commercial debts accumulated until December 12, 2023.
The approved total issuance amount is up to USD 3,000 million, which will be awarded through successive auctions by subscription. These bonds are denominated in US dollars with an annual percentage rate (APR) of 3%, paid semi-annually. The principal repayment is scheduled for October 2028. Subscriptions can be made in pesos at the benchmark exchange rate under Communication A 3500 to settle these foreign liabilities.
Up to one-third (USD 1,000 million) of the final issuance amount may be used to pay tax and customs obligations as determined by the Customs Control and Collection Agency (Agencia de Recaudación y Control Aduanero, ARCA).
The BCRA plans to announce auction dates for subscribing to Series 4 through a Communication B release, with the first auction expected in mid-May.
This initiative is part of efforts to resolve inherited foreign exchange imbalances related to retained foreign debt stocks. It complements measures for capital flow relaxation and normalization of the exchange rate regime announced earlier in Stage 3 of the Economic Program.
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