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Market Monitor - April 9, 2019
Market Monitor
April 9, 2019
-
Market Monitor - April 9, 2019
Balanz - Fondos Comunes de Inversión
FCI Last PriceDaily Var.
(%)MoM Var. (%) YoY Var. (%) YTD (%)
Var. 2018
(%)
Var. 2017
(%)
Var. 2016
(%)
Var. 2015
(%)
Var. 2014
(%)
Var. 2013
(%)
Ahorro FCI Clase A 5,275784 0,17% 3,15% 49,06% 11,91% 42,44% 26,13% 34,16% 28,67% 27,29% 19,43%
Ahorro FCI Clase B 5,181904 0,17% 3,20% 49,94% 12,09% 43,29% 25,92% 33,36% 27,90% 26,52% 18,73%
Renta Fija FCI Clase A 7,931425 -0,11% 1,90% 55,56% 12,39% 47,23% 18,33% 32,18% 32,02% 27,08% 42,35%
Renta Fija FCI Clase B 8,235018 -0,10% 1,96% 56,74% 12,62% 48,34% 19,22% 33,17% 33,01% 27,79% 42,35%
Invertir Global FCI Clase A 11,87129 0,20% 1,33% 50,33% 14,60% 40,71% 26,86% 36,57% 47,10% 38,84% 39,83%
Invertir Global FCI Clase B 12,052580 0,20% 1,35% 50,64% 14,67% 40,99% 27,17% 36,91% 47,42% 39,13% 39,88%
Subsoberano FCI Clase A 2,389978 -0,10% 3,05% 46,57% 12,38% 39,79% 24,59% - - - -
Subsoberano FCI Clase B 2,415752 -0,09% 3,15% 48,43% 12,77% 41,57% 24,55% - - - -
Renta Fija Estrategica FCI Clase A 2,119997 -0,09% 2,29% 43,04% 13,43% 35,72% 23,95% - - - -
Renta Fija Estrategica FCI Clase B 2,097117 -0,08% 2,33% 42,50% 13,41% 35,05% 23,33% - - - -
Acciones Argentinas FCI Clase A 2,286035 1,12% -4,44% -2,00% 3,73% 4,01% 77,13% - - - -
Acciones Argentinas FCI Clase B 2,257842 1,12% -4,40% -1,98% 3,87% 3,75% 75,78% - - - -
Renta Fija en Dólares FCI Clase A 0,986491 -0,44% -2,14% -7,74% 1,21% -8,59% - - - - -
Renta Fija en Dólares FCI Clase B 0,990488 -0,44% -2,12% -7,56% 1,27% -8,41% - - - - -
Ahorro En Dólares FCI Clase B 1,037659 0,01% 0,21% 2,65% 0,39% 2,83% -
Ahorro En Dólares FCI Clase C 1,037988 0,01% 0,21% 2,69% 0,39% 2,83% -
Sudamericano En Dólares Clase A 0,905895 0,00% 0,16% -11,00% 0,55% -10,95%
Balanz Institucional Clase A 1,547257 0,15% 3,00% 42,63% 11,54% 36,49% - - - - -
Balanz Institucional Clase C 1,548166 0,15% 3,09% 44,13% 11,86% 8,13% - - - - -
Balanz Multimercado II Clase A 1,249946 0,34% 3,38% - 10,21% - - - - - -
Balanz Multimercado II Clase C 1,251687 0,35% 3,43% - 10,40% - - - - - -
Balanz Capital - Multimercado II
Balanz Capital - Ahorro
Balanz Capital - Renta Fija (Corporate Debt)
Balanz Capital - Invertir Global
Balanz Capital - Subsoberano
Balanz Capital - Renta Fija Estrategica
Balanz Capital - Acciones Argentinas
Balanz Capital - Renta Fija en Dólares
Balanz Capital - Ahorro en Dólares
Balanz Capital - Sudamericano en Dólares
Balanz Capital - Institucional
-
Market Monitor - April 9, 2019
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
Ap
r-17
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-18
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
Balanz Invertir Global
1,60
2,60
3,60
4,60
5,60
6,60
7,60
8,60
Ap
r-17
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-18
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
Balanz Renta Fija - Corporate Debt
1,00
1,50
2,00
2,50
3,00
3,50
4,00
4,50
5,00
5,50
Ap
r-17
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-18
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
Balanz Ahorro
1,00
1,20
1,40
1,60
1,80
2,00
2,20
2,40
2,60
Ap
r-17
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-18
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
Balanz Renta Fija Plus - Sub-Sovereign
1,00
1,20
1,40
1,60
1,80
2,00
2,20
2,40
2,60
2,80
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-18
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
Ap
r-19
Balanz Acciones Argentina
0,83
0,88
0,93
0,98
1,03
1,08
1,13
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Fe
b-1
8
Mar
-18
Ap
r-1
8
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Fe
b-1
9
Mar
-19
Ap
r-1
9
Renta Fija En Dólares
Balanz - Fondos Comunes de Inversión
1,022
1,024
1,026
1,028
1,030
1,032
1,034
1,036
1,038
1,040
oct
-18
no
v-18
dic
-18
ene-
19
feb
-19
mar
-19
Ahorro En Dólares
0,88
0,89
0,89
0,90
0,90
0,91
0,91
oct
-18
no
v-18
dic
-18
ene-
19
feb
-19
mar
-19
Sudamericano En Dólares
-
Market Monitor - April 9, 2019
Market Monitor
4000
9000
14000
19000
24000
29000
34000
39000
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Merval Argentina
2,2
2,3
2,4
2,5
2,6
2,7
2,8
2,9
3,0
0 5 10 15 20 25 30
(%)
Years
US Treasury Yield Curve
1.700
1.900
2.100
2.300
2.500
2.700
2.900
3.100
Ap
r-17
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep
-17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-18
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep
-18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Feb
-19
Mar
-19
S&P 500
Yield (%) Var 1D (bps) MTD (bps) Var 1M (bps) Var 1Y (bps) YTD (bps)
1m 2,41 -0,53 -1,31 -0,90 +75,94 -1,38
3m 2,41 -0,43 +2,64 -3,25 +69,97 +5,24
6m 2,44 -1,62 +1,74 -7,11 +53,67 -3,53
1y 2,42 -0,01 +3,05 -10,13 +36,25 -17,81
2y 2,35 -0,80 +9,38 -10,72 +7,55 -13,40
3y 2,31 -0,56 +10,36 -12,78 -10,27 -14,82
5y 2,32 -0,50 +8,93 -10,80 -27,53 -18,88
7y 2,41 -0,73 +9,83 -10,81 -30,50 -17,42
10y 2,52 -0,72 +11,00 -11,35 -26,40 -16,92
30y 2,92 -0,31 +10,99 -8,77 -8,76 -9,03
US Treasury Yields
EUA
S&P 500 2895,77 0,10% 5,57% 15,51%
NASDAQ 7953,88 0,19% 7,37% 19,87%
DOW JONES 26341,02 -0,32% 3,50% 12,92%
EUROPA
FTSE 100 7456,63 0,06% 4,96% 10,83%
EUROSTOXX 50 3439,4 0,04% 4,74% 14,59%
DAX 11938,27 -0,21% 4,19% 13,06%
CAC 40 5475,23 0,06% 4,66% 15,74%
ASIA
JAPÓN 21802,59 0,19% 3,70% 8,93%
CHINA 3239,66 -0,16% 9,08% 29,90%
LATAM
BRASIL 97369,29 0,27% 2,10% 10,79%
MEXICO 45436,28 0,99% 9,26% 9,12%
CHILE 5274,716 -1,78% 0,00% 3,32%
MERVAL 33080,87 1,27% 0,18% 9,20%
PETROLEO WTI 64,31 -0,14% 13,96% 38,27%
BRENT 70,87 -0,32% 7,80% 31,73%
GAS NATURAL 2,70 -0,33% -5,79% -8,20%
COBRE 295,05 0,63% 1,95% 12,14%
ORO 1302,39 0,38% 0,70% 1,55%
PLATA 15,28 0,23% -0,17% -1,37%
SOJA 330,20 0,00% 1,70% 1,84%
TRIGO 168,64 -1,34% 4,44% -10,09%
MAIZ 141,14 -0,42% -1,58% -6,40%
Euro 1,13 0,12% 0,28% -1,66%
Libra Esterlina 1,31 0,02% -0,66% 2,42%
Yen 111,29 -0,17% 0,08% 1,54%
Franco Suizo 1,00 0,03% -1,12% 1,80%
Dólar Australiano 0,71 0,27% 1,08% 1,38%
Yuan 6,71 -0,07% -0,21% -2,42%
Peso Chileno 663,70 -0,26% -1,15% -4,58%
Peso Mexicano 18,93 -0,21% -2,44% -3,65%
Real Brasileño 3,86 0,15% 0,39% -0,66%
Peso Argentino 43,70 0,00% 5,68% 16,16%
FX
COMMODITIES
INDEX
Last Daily Var.
(%)
MoM Var.
(%)YTD (%)
-
Market Monitor - April 9, 2019
Equity Monitor
1D 1W 1M 1Y YTD 2016 2017 2018 LTM 2016 2017 2018 LTM 2016 2017 2018 LTM
Merval 33081 1,27% 0,22% -0,33% 4,23% 9,20%
Agro MM ARS
San Miguel SAMI 79 -1,25% -7,06% -17,28% -19,22% -17,28% 5.621 12.810 32,91 49,95 -8,52 5,55 3,47 2,09 10,47 214,73 -82,07
Agro Supplier
Agrometal AGRO 11,9 -2,86% -2,86% -2,86% -25,63% -0,83% 893 1.203 25,46 26,81 43,48 8,63 8,19 4,03 12,77 15,16 9,63
Construction
Holcim Argentina HARG 72 -0,83% 0,00% 3,15% -27,17% 23,08% 25.348 25.751 29,08 25,02 20,43 7,46 31,78 18,60 10,71 14,15 12,32
Loma Negra LOMA 94,6 -1,82% -2,47% 4,70% 6,41% 17,52% 56.382 60.817 14,50 26,65 31,32 3,87 3,16 3,71 8,63 7,36 8,54
Highway
Autopistas del Oeste OEST 37,35 -0,40% -5,20% -0,93% 41,84% 6,71% 5.976 4.359 16,04 13,73 0,67 9,64 12,26 0,66 8,04 7,62 4,78
Autopistas del Sol AUSO 103,5 -1,43% -8,00% -9,01% 5,28% -13,64% 9.148 8.255 14,23 19,72 0,54 8,89 27,89 0,55 6,12 12,35 8,69
Holding
Cresud CRES 48,4 -0,82% -5,00% -2,91% 16,58% 7,80% 24.055 353.855 5,20 3,35 1,05 0,88 18,49 31,01
Metals
Aluar ALUA 17,05 1,19% -1,16% -7,84% 35,48% -1,45% 47.740 59.900 13,84 14,11 8,64 8,52 2,94 4,39 2,17 2,14 7,35 8,10 7,85 5,68
Terniun Argentina TXAR 15 -0,33% -3,85% 7,91% 8,87% 13,64% 67.756 71.428 10,89 11,41 7,25 4,49 1,40 0,86 0,61 0,70 8,37 10,52 4,50 5,07
Tenaris * TS 631,2 0,20% 2,62% 13,39% 79,29% 53,73% 17.141 16.857 34,52 14,36 19,57 1,85 1,64 1,07 1,45 33,31 19,48 8,02 10,99
Oil & Gas
YPF YPFD 652,15 2,10% 6,91% 20,33% 52,87% 29,87% 256.499 537.765 -3,56 13,42 4,80 6,23 0,85 1,09 0,55 0,71 4,22 4,82 4,05 4,55
Petroleo Brasilero * APBR 369,7 2,50% 6,73% 13,98% 166,05% 48,09% 110.813 184.964 -14,04 -738,33 22,45 0,88 0,84 1,53 5,56 4,91 5,17
Other
ByMA BYMA 310,5 0,49% -3,57% -5,48% -26,00% -17,94% 23.676 7.241 23,12 8,46 6,95 5,51 3,10 2,54 45,36 5,71 3,33
Mirgor MIRG 290 0,00% -6,90% -19,78% -51,27% -18,42% 5.220 5.025 8,58 10,39 7,16 3,03 3,64 2,09 4,37 4,58 1,44
Real Estate
IRSA IRSA 47 2,73% -4,08% -9,70% -3,34% -2,19% 27.198 315.040 3,88 1,14 1,03 0,54 20,74 38,31
Telecomunications
Cablevision Holding CVH 209 -0,71% -6,59% -15,73% -54,05% -12,35% 37.754 165.825 108,82 -8,62 11,21 0,89 11,05 5,56
Telecom Argentina TECO2 124,5 0,81% -1,81% -1,11% -1,07% 4,62% 268.134 342.411 48,41 50,65 1,14 1,19 5,86 6,07
Utilities
Pampa Energia PAMP 44,65 1,36% -7,17% -10,88% -7,65% -4,49% 87.469 160.016 -3.472,00 7,51 16,63 15,89 3,86 1,71 1,78 1,70 14,21 7,25 4,45 4,34
Central Puerto CEPU 38,3 -0,39% -3,89% -4,37% 12,86% 15,02% 57.668 64.635 18,39 13,70 2,86 3,29 6,32 6,61 1,54 1,78 17,60 11,40 8,94 8,20
Central Costanera CECO2 7,2 -0,69% -6,86% -19,10% -52,00% -12,62% 5.054 6.423 63,59 16,91 2,00 1,75 11,69 4,33 1,05 0,91 9,24 7,10 1,82 1,63
Transp. Gas del Norte TGNO4 57,5 -2,04% -11,27% -17,27% -13,86% 1,68% 25.264 28.488 -23,26 15,01 6,68 6,79 107,75 1,44 0,85 0,87 21,10 13,03 3,63 3,68
Transp. Gas del Sur TGSU2 109,9 3,05% -3,68% -1,43% 36,43% 0,23% 86.646 90.592 25,27 10,92 7,57 7,59 9,31 2,49 2,79 2,80 9,99 7,43 5,20 5,22
Metrogas METR 19,85 -1,98% -12,94% -21,23% -64,96% -25,09% 11.298 18.957 -11,82 33,14 -1.928,65 -5,15 2,85 1,13 0,85 14,76 17,31 4,28 3,57
Edenor EDN 39,85 -2,21% -7,54% -22,24% -31,47% -21,79% 36.122 39.774 -8,11 60,79 10,56 8,26 51,86 39,09 1,49 1,17 -13,52 14,61 7,67 6,12
Transener TRAN 41,2 -1,44% -10,73% -18,58% -23,49% -8,55% 18.321 17.857 -88,49 5,26 6,56 6,00 11,18 2,10 1,81 1,65 36,58 3,32 3,27 2,99
Dist. Gas Cuyana DGCU2 30,45 -1,77% -11,48% -19,87% -52,11% -20,39% 6.162 5.884 20,73 8,66 6,46 5,14 4,69 2,02 1,67 1,33 34,05 8,83 3,43 2,70
Camuzzi Gas Pampeana CGPA2 23,35 -2,71% -12,87% -27,03% -64,05% -23,06% 7.782 7.391 -16,92 16,49 3,59 1,20 6,97 6,60 1,82 1,40 -14,35 21,34 4,35 3,31
1D 1W 1M 1Y YTD 2016 2017 2018 LTM 2016 2017 2018 LTM
Banks
Banco Macro BMA 206,4 3,25% 3,85% 11,60% -3,55% 25,89% 133.788 8,85 14,26 6,88 8,66 2,62 3,04 1,92 2,45
Banco Frances FRAN 132,6 0,38% -3,88% -8,39% -14,20% -5,79% 81.239 20,85 19,86 8,97 8,45 2,44 3,10 2,24 2,11
Banco Hipotecario BHIP 11,3 -5,83% -12,06% -13,74% -38,47% -3,83% 16.950 14,95 12,71 8,11 1,52 2,47 1,83
GF Galicia GGAL 110,6 0,96% -0,09% 1,37% -17,13% 7,07% 157.800 9,13 20,16 10,22 10,94 2,70 4,25 2,69 2,88
Grupo Supervielle SUPV 55,55 5,71% 4,81% -12,52% -54,97% -12,24% 25.371 10,39 18,27 11,26 9,88 2,13 3,55 1,69 1,48
* P/E , P/BV , EV/EBITDA in blank due to negative results or lack of data
* TS & APBR: RATIOS, Market Cap and EV are calculated in USD
EVEV/EBITDAP/E P/BV
Sector TickerP/BVP/EPrice
Close
Market
Cap
Market
CapSector Ticker
Price
Close
-
Market Monitor - April 9, 2019
Fixed Income – ARS Sovereign
TC20
PR13
TC21TC23
TC25
DIP0
DICP
PARP
A2M2
CUAP
9,0%
10,0%
11,0%
12,0%
13,0%
14,0%
15,0%
0 2 4 6 8 10 12
Duration
CER - Sovereign Yield Curve
TN20
TO21
TO23TO26
A2M2
20,0%
25,0%
30,0%
35,0%
40,0%
45,0%
50,0%
0 1 2 3 4
Duration
Fixed Rate - Sovereign Yield Curve
AA22
PR15
AM20
3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
6,5%
7,0%
7,5%
0 1 2
Duration
BADLAR - Sovereign Yield Curve
Variable Rate - BADLAR
Bonar 2020 AM20 104,00 -0,48% 61,44% 50,84% 4,01% 0,64 5,14 01-Jun-19 01-Mar-20 Bullet Qtly. Badlar+325 100
Bocon 2022 PR15 160,50 -0,56% 65,87% 53,90% 7,07% 1,09 1,16 04-Jul-19 04-Oct-22 Qtly. Qtly. Badlar 100
Bonar 2022 AA22 96,50 -1,43% 62,65% 51,68% 4,86% 1,45 0,93 03-Jul-19 03-Apr-22 Bullet Qtly. Badlar+200 100
Variable Rate - REPO
ARGPOM 2020 TJ20 114,7 0,17% 64,90% 53,23% -13,94% 0,78 3,55 21-Jun-19 22-Jun-20 Bullet Qtly. Mon. Pol. 100
Mixed Peso
ARGCER 2020 A2M2 148,00 0,00% 13,68% 13,24% - 0,85 0,07 06-Mar-20 06-Mar-20 Bullet Mth. Fixed=4 100
FIXED RATE 2020 A2M2 148,00 0,00% 28,61% 26,82% - 0,79 0,33 06-Mar-20 06-Mar-20 Bullet Sem. Fixed=19.21 100
Fixed Rate
FIXED RATE 2020 TN20 92,25 - 46,42% 42,01% - 1,02 10,04 21-May-19 21-Nov-20 Bullet Sem. Fixed=26 100
FIXED RATE 2021 TO21 82,90 - 30,43% 28,41% - 1,91 0,35 03-Oct-19 03-Oct-21 Bullet Sem. Fixed=18.20 100
FIXED RATE 2023 TO23 92,00 - 22,74% 21,58% - 2,84 7,69 17-Apr-19 17-Oct-23 Bullet Sem. Fixed=16,00 100
FIXED RATE 2026 TO26 82,00 - 23,97% 22,68% - 3,64 7,45 17-Apr-19 17-Oct-26 Bullet Sem. Fixed=15.50 100
BONCER 2020 TC20 184,55 14,11% 13,64% - 0,97 2,07 28-Apr-19 28-Apr-20 Bullet Sem. Fixed=2,25 100
BOCON 2024 PR13 458,98 1,09% 11,26% 10,95% - 2,11 0,78 15-Apr-19 15-Mar-24 Sinkable Mth. Fixed=2 50,20
BONCER 2021 TC21 182,35 -0,36% 11,33% 11,02% - 2,10 1,18 22-Jul-19 22-Jul-21 Bullet Sem. Fixed=2,5 100
BONCER 2023 TC23 123,00 0,00% 10,71% 10,44% - 3,42 0,58 06-Sep-19 06-Mar-23 Bullet Sem. Fixed=4 100
BONCER 2025 TC25 110,00 - 10,44% 10,18% - 4,92 2,68 27-Apr-19 27-Apr-25 Bullet Sem. Fixed=4 100
DISCOUNT $ 2033 DIP0 900,00 - 10,10% 9,86% - 6,54 18,94 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=5,83 100
DISCOUNT $ 2033 DICP 935,00 -0,53% 9,50% 9,28% - 6,64 18,94 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=5,83 100
PAR $ 2038 PARP 334,00 -1,76% 10,77% 10,50% - 10,70 0,45 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=1,77 100
CUASIPAR CUAP 505,00 -1,94% 10,89% 10,61% - 10,40 11,76 30-Jun-19 31-Dec-45 Sinkable Sem. Fixed=3,31 100
BADLAR Avg. 46,83% CER Chg YoY 50,81% MP Rate 67,17%
Bonds MaturityDurationYTM (Annual)YTM
(Nominal)Spread
Inflation Linked - CER
Daily
Var.Amort.
Next
PaymentTicker Price
Residual
(%)Coupon (%)
Acc.
InterestCpn. Freq
-
Market Monitor - April 9, 2019
Fixed Income – US Dollar Sovereign
A2E3
AO20
AA21
AY24
A2E2
AA25
AA26A2E7
DICA
DICY
AL28
AA37
AL36
PARA
PARY
AA46 AC17A2E8
AE48
9,0%
10,0%
11,0%
12,0%
13,0%
14,0%
15,0%
16,0%
17,0%
0 2 4 6 8 10 12
Duration
US Dollar Sovereign Yield Curve
Loc. Price Ext. Price
ARS Mep Clean Dirtyoor
Sovereign US Dollar
Bonar 2020 AO20 3965 91,10 90,66 90,71 -0,65% 90,67% 15,40% 15,75% 8,82% 1,35 0,04 8-Oct-19 8-Oct-20 Bullet Sem. Fixed=8 Arg 100 1 1.205
Global 2021 AA21 3850 95,85 90,31 93,52 -0,91% 90,61% 11,30% 12,78% 7,61% 1,78 3,21 22-Apr-19 22-Apr-21 Bullet Sem. Fixed=6,875 NY 100 150,000 4.500
Bonar 2024 AY24 4024 92,19 88,76 92,48 -0,82% 89,16% 15,20% 15,02% 9,86% 1,92 3,72 7-May-19 7-May-24 Sinkable Sem. Fixed=8,75 Arg 100 1 6.360
Global 2022 A2E2 3700 85,25 84,36 85,52 -1,17% 84,54% 12,90% 12,77% 6,67% 2,46 1,16 26-Jul-19 26-Jan-22 Bullet Sem. Fixed=5,625 NY 100 1,000 3.250
Global 2023 A2E3 3500 84,00 80,04 81,19 -1,18% 80,27% 10,48% 11,59% 5,78% 3,27 1,14 11-Jul-19 11-Jan-23 Bullet Sem. Fixed=4,625 NY 100 1000 1.750
Bonar 2025 AA25 3010 68,60 72,26 75,01 - 73,00% 16,56% 14,03% 7,96% 3,89 2,75 18-Apr-19 18-Apr-25 Sinkable Sem. Fixed=5,75 Arg 100 1,000 1.535
Global 2026 AA26 3860 89,80 82,64 86,14 -1,50% 83,23% 10,54% 11,42% 9,08% 4,99 3,50 22-Apr-19 22-Apr-26 Bullet Sem. Fixed=7,5 NY 100 150,000 6.500
Global 2027 A2E7 3500 79,60 79,05 80,46 -1,37% 79,34% 11,43% 11,22% 8,70% 5,59 1,41 26-Jul-19 26-Jan-27 Bullet Sem. Fixed=6,875 NY 100 1,000 3.750
Global 2028 A2E8 3280 78,30 75,07 76,52 -1,30% 75,42% 10,12% 10,51% 7,83% 6,28 1,45 11-Jul-19 11-Jan-28 Bullet Sem. Fixed=5,875 NY 100 1000 4.250
Global 2048 AE48 3000 79,45 71,80 73,50 -1,61% 72,27% 9,26% 10,07% 9,58% 9,91 1,70 11-Jul-19 11-Jan-48 Bullet Sem. Fixed=6,875 NY 100 1000 3.000
Discount 2033 ARL DIA0 4380 99,60 75,02 108,40 -0,92% 75,58% 14,96% 13,33% 11,04% 5,72 3,22 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 184
Discount 2033 USL DIY0 4800 113,30 79,40 114,55 -1,25% 79,86% 12,51% 12,31% 10,43% 5,88 3,22 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 1.817
Discount 2033 ARL DICA 4400 100,75 71,95 104,10 -0,67% 72,58% 14,74% 14,10% 11,51% 5,61 3,22 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 6.872
Discount 2033 USL DICY 5150 116,80 81,45 117,43 -1,01% 81,87% 11,95% 11,86% 10,17% 5,95 3,22 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 5.560
Global 2028 AL28 2325 99,01 76,89 78,62 -1,50% 77,28% 7,14% 10,88% 8,62% 6,31 1,73 6-Jul-19 6-Jul-28 Bullet Sem. Fixed=6,625 NY 100 150,000 1.000
Bonar 2037 AA37 3090 71,00 69,27 72,91 - 70,35% 12,59% 12,21% 11,01% 7,58 3,64 18-Apr-19 18-Apr-37 Sinkable Sem. Fixed=7,625 Arg 100 1,000 2.020
Global 2036 AL36 2107 81,13 75,09 76,95 -1,42% 75,54% 9,83% 10,48% 9,49% 8,54 1,86 6-Jul-19 6-Jul-36 Bullet Sem. Fixed=7,125 NY 100 150,000 1.750
PAR USD USL PAY0 2400 54,00 53,61 53,72 -0,10% 53,66% 10,34% 10,39% 6,99% 9,55 0,10 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 NY 100 1 95
PAR USD ARL PAA0 2200 49,75 51,28 51,39 -2,03% 51,33% 11,26% 10,89% 7,31% 9,39 0,10 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 Arg 100 1 71
PAR USD ARL PARA 2260 51,75 52,50 52,60 -1,15% 52,55% 10,81% 10,63% 7,14% 9,47 0,10 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 Arg 100 1 1.246
PAR USD USL PARY 2500 57,00 56,73 56,83 -1,01% 56,77% 9,74% 9,77% 6,61% 9,74 0,10 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 NY 100 1 5.313
Global 2046 AA46 2900 83,65 76,97 80,52 -1,63% 77,76% 9,95% 10,38% 9,91% 9,26 3,56 22-Apr-19 22-Apr-46 Bullet Sem. Fixed=7,625 NY 100 150,000 2.750
Global 2117 AC17 3220 73,85 72,21 74,23 -1,79% 72,76% 10,15% 10,10% 9,87% 10,00 2,02 28-Jun-19 28-Jun-17 Bullet Sem. Fixed=7,125 NY 100 1.000 2.750
Minimum
Piece
Amount O/S
(in Million)Daily Var. Cpn. FreqTicker
Next
PaymentMaturity
Acc.
Interest
YTM Ext.
(Annual)
Current
YieldDurationBonds
Residual
(%)Amort. Coupon (%) LawParity
YTM Mep.
(Annual)
AO20
AA21
AY24
A2E2
AA25
AA26
A2E7
DICA
DICY
AL28
AA37
AL36PARA
PARYAA46AC17
A2E8AE48
A2E3
9,0%
10,0%
11,0%
12,0%
13,0%
14,0%
15,0%
16,0%
17,0%
0 2 4 6 8 10 12
Duration
US Dollar Sovereign Yield Curve - NY Law vs. ARG Law
ARG LAW
NY LAW
-
Market Monitor - April 9, 2019
Fixed Income – US Dollar Sub-Sovereign
Price
ARS Clean Dirty
BS. AS. PAR 2020 BPMD 2235 95,79 48,78 0,01% 12,49% 4,18% 0,51 0,88 1-May-19 1-May-20 Sinkable Sem. Fixed=4 NY 50,002 1 31,7
BS. AS. 2019 PBJ19 2652 99,86 101,70 -0,02% 6,56% 5,76% 0,18 1,84 15-Jun-19 15-Jun-19 Bullet Sem. Fixed=5,75 NY 100 150,000 750,0
BS. AS. 2021 BP21 2710 95,96 65,46 -0,18% 14,88% 11,33% 1,13 1,49 26-Jul-19 26-Jan-21 Sinkable Sem. Fixed=10,875 NY 66,67 100,000 500,0
BS. AS. 2021 PBJ21 4115 92,49 95,83 -0,02% 15,80% 10,76% 1,41 3,34 9-Jun-19 9-Jun-21 Sinkable Sem. Fixed=9,95 NY 100 150,000 899,5
BS. AS. 2023 PBF23 - 80,83 81,83 -0,50% 15,67% 8,04% 2,38 0,99 15-Aug-19 15-Feb-23 Sinkable Sem. Fixed=6,5 NY 100 1,000 750,0
BS. AS. 2024 PBM24 3570 82,65 83,26 -0,66% 15,76% 11,04% 3,07 0,61 16-Sep-19 16-Mar-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 1.250,0
BS. AS. 2027 PBJ27 3382 72,50 75,02 -0,65% 14,59% 10,86% 4,82 2,52 15-Jun-19 15-Jun-27 Sinkable Sem. Fixed=7,875 NY 100 150,000 1.750,0
BS. AS. 2028 BP28 3394 79,07 83,67 -0,63% 14,55% 12,17% 4,85 4,60 18-Apr-19 18-Apr-28 Sinkable Sem. Fixed=9,625 NY 100 100,000 400,0
BS. AS. PAR 2035 BPLD 2545 59,33 60,94 - 12,63% 6,74% 5,49 1,61 15-May-19 15-May-35 Sinkable Sem. Fixed=4 NY 100 1 446,5
CITY OF BS. AS. BUEAIR 21 - 99,12 67,26 -0,24% 9,83% 9,03% 1,25 0,85 19-Aug-19 19-Feb-21 Sinkable Sem. Fixed=8,95 ENG 67 200,000 335,0
CITY OF BS. AS. BUEAIR 27 - 87,38 90,06 -0,94% 10,26% 8,58% 5,17 2,69 1-Jun-19 1-Jun-27 Sinkable Sem. Fixed=7,5 UK 100 200,000 890,0
JUJUYA 2022 JUS22 2810 76,10 76,58 - 19,07% 11,33% 2,75 0,48 20-Sep-19 20-Sep-22 Bullet Sem. Fixed=8,625 NY 100 150,000 210,0
SANTA FE 2023 PROVSF23 - 85,98 86,31 - 12,46% 8,14% 2,93 0,33 23-Sep-19 23-Mar-23 Sinkable Sem. Fixed=7 NY 100 150,000 250,0
SANTA FE 2027 PROVSF27 - 75,47 78,52 - 12,27% 9,14% 5,25 3,05 1-May-19 1-Nov-27 Sinkable Sem. Fixed=6,9 NY 100 150,000 250,0
CÓRDOBA 2021 PDCAR21 3507 85,77 88,15 -0,16% 15,59% 8,31% 1,87 2,38 10-Jun-19 10-Jun-21 Bullet Sem. Fixed=7,125 NY 100 150,000 725,0
CÓRDOBA 2026 CO26 3370 81,08 79,95 -0,02% 14,89% 8,79% 2,70 1,40 27-Apr-19 27-Oct-26 Sinkable Qtly. Fixed=7,125 ARG 96,875 1,000 290,6
CÓRDOBA 2024 CO24 3180 78,65 79,45 -0,47% 13,50% 9,47% 4,15 0,81 1-Sep-19 1-Sep-24 Bullet Sem. Fixed=7,45 NY 100 150,000 510,0
CÓRDOBA 2027 PDCAR27 2185 72,07 73,44 -0,20% 13,03% 9,89% 5,63 1,37 1-Aug-19 1-Aug-27 Bullet Sem. Fixed=7,125 NY 100 150,000 450,0
MENDOZA 2024 PMY24 2425 81,10 84,38 -0,85% 15,24% 10,33% 3,12 3,28 19-May-19 19-May-24 Sinkable Sem. Fixed=8,375 NY 100 150,000 500,0
TRA. DEL FUEGO FUEGO27 3398 88,62 90,68 -0,23% 13,17% 10,10% 3,09 2,06 17-Apr-19 17-Apr-27 Sinkable Qtly. Fixed=8,95 NY 100 1,000 200,0
NEUQUÉN 2021 NRH2 531 98,51 28,03 -0,03% 9,69% 7,99% 0,98 0,45 26-Apr-19 26-Apr-21 Sinkable Qtly. Fixed=7,875 NY 28 150,000 22,1
NEUQUÉN 2028 NDT11 1268 94,47 95,86 -0,48% 10,45% 9,13% 3,76 1,39 12-May-19 12-May-28 Sinkable Qtly. Fixed=8,625 NY 100 150,000 348,7
NEUQUÉN 2025 NEU2025 - 80,38 83,78 -0,82% 13,35% 9,33% 3,79 3,40 27-Apr-19 27-Apr-25 Sinkable Sem. Fixed=7,5 NY 100 1,000 366,0
LA RIOJA 2025 RIF25 - 78,62 79,87 - 17,66% 12,40% 3,19 1,25 24-Aug-19 24-Feb-25 Sinkable Sem. Fixed=9,75 NY 100 150,000 300,0
RIO NEGRO 2025 RND25 2874 70,42 73,07 0,56% 16,52% 11,00% 4,00 2,65 7-Jun-19 7-Dec-25 Sinkable Sem. Fixed=7,75 NY 100 150,000 300,0
CHACO 2024 CH24D 2140 73,00 74,35 - 19,65% 12,84% 3,16 1,35 18-Aug-19 18-Aug-24 Sinkable Sem. Fixed=9,375 NY 100 150,000 250,0
CHUBUT 2020 TUBA1 - 99,31 13,82 -0,01% 9,01% 7,80% 0,69 0,03 1-Jul-19 1-Jul-20 Sinkable Qtly. Fixed=7,75 NY 13,89 10,000 14,4
CHUBUT 2023 PUY23 1896 93,08 76,41 -0,16% 13,42% 9,53% 1,73 1,02 19-May-19 19-May-23 Sinkable Qtly. Fixed=8,875 NY 81 25,000 40,5
CHUBUT 2026 PUL26 3420 79,48 81,07 -0,17% 15,09% 9,75% 3,22 1,59 26-Apr-19 26-Jul-26 Sinkable Qtly. Fixed=7,75 NY 100 150,000 650,0
ENTRE RIOS 2025 ERF25 - 73,42 74,92 - 17,80% 11,92% 3,51 1,51 8-Aug-19 8-Feb-25 Sinkable Sem. Fixed=8,75 NY 100 150,000 500,0
SALTA 2022 SARH 0 98,20 34,91 0,00% 11,22% 9,67% 1,37 0,22 16-Jun-19 16-Mar-22 Sinkable Qtly. Fixed=9,5 NY 35,32 150,000 65,3
SALTA 2024 SA24D 3420 80,10 82,46 -0,34% 16,39% 11,39% 3,17 2,36 7-Jul-19 7-Jul-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 350,0
Current
YieldDaily Var.
Sub-Sovereign US Dollar
Amount
O/S (in
Million)
Coupon (%)
Residual
Value
(%)
Bonds Amort. Cpn. Freq LawAcc.
Interest
Next
PaymentMaturity
Minimum
PieceDurationTicker
YTM
(Annual)
-
Market Monitor - April 9, 2019
Fixed Income – US Dollar Sub-Sovereign
PBF23
BPMD
BP21
PBJ27
BP28
BPLD
CO26
SA24D
BUEAIR 21 BUEAIR 27
PBJ21
NEU2025
PMY24
CO24
PBJ19
PBM24
SARH
PUL26
TUBA1
CH24D
NRH2
PDCAR21
ERF25
PDCAR27
RIF25
PROVSF27
FUEGO27PUY23
NDT11
PROVSF23
JUS22
RND25
6%
8%
10%
12%
14%
16%
18%
20%
0 2 4 6 8Duration
US Dollar Sub-Sovereign Yield Curve
Buenos Aires Prov.
Buenos Aires City
PBF23
BPMD
BP21PBJ27
BP28
BPLD
CO26
BUEAIR 21
BUEAIR 27
PBJ21
CO24
PBJ19
PBM24PDCAR21
PDCAR27
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0 2 4 6 8
Duration
Dólar Provincial - Curva de Rendimientos
Buenos Aires Prov.
Buenos Aires City
PBF23
BPMD
BP21 PBJ27 BP28
BPLD
CO26
SA24D
BUEAIR 21 BUEAIR 27
PBJ21
NEU2025
PMY24
CO24
PBJ19
PBM24
SARH
PUL26
TUBA1
CH24D
NRH2
PDCAR21
ERF25
PDCAR27
RIF25
PROVSF27
FUEGO27
PUY23
NDT11
PROVSF23
JUS22
RND25
6%
8%
10%
12%
14%
16%
18%
20%
22%
0 2 4 6 8Duration
Dólar Provincial - Curva de Rendimientos
Buenos Aires Prov.
Buenos Aires City
-
Market Monitor - April 9, 2019
Fixed Income - Dollar-Linked
PUO19
BDC20BD2C9
BDC19
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0,0 0,1 0,2 0,3 0,4 0,5 0,6Duration
Dollar-Linked Yield Curve
Sovereign CABA Sub Sovereign
CABA Cl. 4 2019 BDC19 730 0,41% 46,99% 0,10 17-May-19 17-May-19 Sem. Sem. 3,98 17 327
CABA Cl. 5 2019 BD2C9 1450 - 9,83% 0,43 20-Jun-19 20-Dec-19 Sem. Sem. 1,95 33 113
CABA Cl. 6 2020 BDC20 1470 - 5,17% 0,55 28-Jul-19 28-Jan-20 Sem. Sem. 1,95 33 147
CHUBUT 2019 PUO19 835 0,60% 8,87% 0,28 21-Apr-19 21-Oct-19 Qtly. Qtly. 4,00 19 220
Dollar-Linked Sub-Sovereign
Residual
Value (%)
Amt. Issued
(USD MM)Cpn. Freq
Coupon
(%)Bonds Ticker Price
YTM
(Annual)Duration
Next
PaymentMaturity Amort.Daily Var.
-
Market Monitor - April 9, 2019
ROFEX US Dollar Future / Official Exchange Rate
46,0%
47,0%
48,0%
49,0%
50,0%
51,0%
52,0%
53,0%
54,0%
Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
Simple Rate
ROFEX US Dollar Futures: Implicit Rates
FX Var 1D (%) Var 5D (%) MTD (%) Var 1M (%) YTD (%) YoY(%)
SIOPEL 43,60 -0,64% 2,19% 0,70% 5,95% 15,78% 116,20%
BCRA 43,80 0,24% 2,28% 1,03% 6,05% 15,85% 116,90%
BNAB 42,70 -0,47% 2,40% 0,95% 6,22% 16,03% 114,04%
BNAG 43,50 -0,53% 2,33% 0,81% 6,10% 16,00% 116,53%
BALANZ 43,25 -0,12% 0,82% 0,82% 6,13% 16,58% -*BNAB = Re t a il Bid
*BALANZ Comprador Bid
*BNAG = Whole sa le Bid
Simple Compuesta
30/04/2019 44,890 2,84% 47,13% 59,16%
31/05/2019 46,780 7,17% 49,38% 61,11%
28/06/2019 48,700 11,57% 52,13% 63,77%
31/07/2019 50,650 16,04% 51,35% 61,00%
30/08/2019 52,800 20,96% 53,13% 61,99%
30/09/2019 54,600 25,09% 52,32% 59,50%
31/10/2019 56,450 29,32% 51,96% 57,72%
29/11/2019 58,210 33,36% 51,81% 56,38%
31/12/2019 60,000 37,46% 51,21% 54,48%
31/01/2020 62,000 42,04% 51,49% 53,70%
28/02/2020 63,600 45,70% 51,17% 52,42%
31/03/2020 65,500 50,06% 51,04% 51,25%
TC Oficial ARS 43,65
Vencimiento Precio Var. TCTasa Implícita
-
Market Monitor - April 9, 2019
Fixed Income - GDP Warrants
0
2
4
6
8
10
12
14
Ap
r-1
7
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep-
17
Oct
-17
No
v-1
7
Dec
-17
Jan-
18
Feb
-18
Ma
r-1
8
Ap
r-1
8
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep-
18
Oct
-18
No
v-1
8
Dec
-18
Jan-
19
Fe
b-1
9
Mar
-19
ARS Warrant (TVPP)ARS
0
2
4
6
8
10
12
14
Ap
r-1
7
May
-17
Jun
-17
Jul-
17
Au
g-1
7
Sep-
17
Oct
-17
No
v-1
7
Dec
-17
Jan
-18
Feb
-18
Mar
-18
Ap
r-1
8
May
-18
Jun
-18
Jul-
18
Au
g-1
8
Sep-
18
Oct
-18
No
v-1
8
Dec
-18
Jan
-19
Fe
b-1
9
Mar
-19
USD Warrant (TVPY)U$S
ARS USD-EUR
ARS GDP Warrant TVPP 1,85 USD 0,04 - 15-Dec-35 ARS 24,60 13,3x Arg
USD GDP Warrant TVPA 136,90 USD 3,15 5,78% 15-Dec-35 USD 29,97 9,5x Arg
USD GDP Warrant TVPY 150,00 USD 3,45 -3,33% 15-Dec-35 USD 29,97 8,7x NY
EUR GDP Warrant TVPE 175,00 EUR 3,56 -5,59% 15-Dec-35 EUR 31,01 8,7x UK
GDP Warrants
PriceResidualMaturity LawTicker
Residual /
PriceDaily Var.
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