The Central Bank of Argentina (the “BCRA”) increased by US$2 billion the amount agreed upon in reverse repurchase agreement operations (the “Repo Transactions”) with BOPREAL Series 1-D securities, awarding the total amount tendered among seven top-tier international banks, thereby expanding the number of counterparties compared to the operations carried out in the first round in December 2024.
For these transactions, the BCRA will pay an interest rate equivalent to the SOFR-USD rate plus a spread of 4.50% (equivalent to a fixed rate of 8.25% per annum, considering the fixed-floating interest rate swaps for the same term).
These Repo Transactions are part of a set of measures aimed at strengthening international reserves and are framed within Phase 3 of the program launched by Argentina on April 11, 2025.
Bruchou & Funes de Rioja has been the only Argentine law firm involved in the Repo transactions of December 2024 and June 2025.
Cleary Gottlieb Steen & Hamilton acted as New York law counsel to the BCRA through the team led by partner Juan G. Giraldez and associates Ignacio Lagos, Pedro Arango Montes and María Paz Canal, in collaboration with the BCRA's internal legal team.
A&O Shearman acted as New York law counsel to the five international banks through the team led by partner Donna Parisi and counsel Andrew Feng, and included partners Geoffrey Goldman, Christopher Ryan, Alejandro A. Gordano, Jessica Delbaum and Lorenz Haselberger, counsels Ryan Leske and Jonathan Cho, associate Ben Halligan and William Yaro, summer associates Sherry Liao and Catherine Conrow, and intern I-Zac Lee.
Bruchou & Funes de Rioja, sole Argentine law firm participating in the Repo transactions, acted as Argentine Law counsel to the seven international banks through the team led by partner José María Bazán and senior associate Ramón Augusto Poliche.