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Market Monitor - July 2, 2018

Market Monitor

July 2, 2018


Balanz Capital - Fondos Comunes de Inversión

FCI Last PriceDaily Var.

(%)MoM Var. (%) YoY Var. (%) YTD (%)

Var. 2017

(%)

Var. 2016

(%)

Var. 2015

(%)

Var. 2014

(%)

Var. 2013

(%)

Balanz Capital - Ahorro

Ahorro FCI Clase A 3.730987 0.30% 2.53% 27.79% 12.72% 26.13% 34.16% 28.67% 27.29% 19.43%

Ahorro FCI Clase B 3.648328 0.31% 2.59% 28.36% 13.08% 25.92% 33.36% 27.90% 26.52% 18.73%

Balanz Capital - Renta Fija (Corporate Debt)

Renta Fija FCI Clase A 5.481835 0.44% 2.91% 22.95% 14.37% 18.33% 32.18% 32.02% 27.08% 42.35%

Renta Fija FCI Clase B 5.658727 0.45% 2.98% 23.88% 14.80% 19.22% 33.17% 33.01% 27.79% 42.35%

Balanz Capital - Invertir Global

Invertir Global FCI Clase A 7.786824 0.33% -0.91% 19.91% 5.77% 26.86% 36.57% 47.10% 38.84% 39.83%

Invertir Global FCI Clase B 7.894080 0.33% -0.89% 20.21% 5.89% 27.17% 36.91% 47.42% 39.13% 39.88%

Balanz Capital - Renta Fija Plus (Sub-Sovereign)

Renta Fija Plus FCI Clase A 1.660007 0.34% 0.82% 22.15% 9.12% 24.59% - - - -

Renta Fija Plus FCI Clase B 1.661612 0.35% 0.93% 21.83% 9.80% 24.55% - - - -

Balanz Capital - Renta Mixta

Renta Mixta FCI Clase A 1.495472 0.28% 0.47% 21.22% 8.60% 23.95% - - - -

Renta Mixta FCI Clase B 1.483309 0.28% 0.43% 20.88% 8.33% 23.33% - - - -

Balanz Capital - Acciones Argentinas

Acciones Argentinas FCI Clase A 1.883283 -3.07% -11.60% 27.95% -11.12% 77.13% - - - -

Acciones Argentinas FCI Clase B 1.857550 -3.07% -11.64% 27.28% -11.34% 75.78% - - - -

Balanz Capital - Renta Fija en Dólares

Renta Fija en Dólares FCI Clase A 0.992458 -0.11% -1.41% 1.62% -1.95% - - - - -

Renta Fija en Dólares FCI Clase B 0.992996 -0.11% -1.39% 1.83% -1.86% - - - - -

Balanz Capital - Ahorro en Dólares

Ahorro En Dólares FCI Clase B 1.017492 0.03% 0.34% - 1.20% -

Ahorro En Dólares FCI Clase C 1.017818 0.03% 0.35% - 1.23% -

Balanz Capital - Sudamericano en Dólares

Sudamericano En Dólares Clase A 0.935852 -0.49% -3.64% - -7.50%


1.50

2.50

3.50

4.50

5.50

6.50

7.50

8.50

9.50

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Balanz Invertir Global

1.60

2.10

2.60

3.10

3.60

4.10

4.60

5.10

5.60

6.10

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Balanz Renta Fija - Corporate Debt

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Balanz Ahorro

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Balanz Renta Fija Plus - Sub-Sovereign

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40

2.60

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Balanz Acciones Argentina

1.03

1.04

1.04

1.05

1.05

1.06

1.06

1.07

1.07

1.08

1.08

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Renta Fija En Dólares

Balanz Capital - Fondos Comunes de Inversión

0.998

1.000

1.002

1.004

1.006

1.008

1.010

1.012

1.014

1.016

1.018

1.020

dic

-17

en

e-1

8

feb

-18

ma

r-1

8

ab

r-1

8

ma

y-1

8

jun

-18

Ahorro En Dólares

0.90

0.92

0.94

0.96

0.98

1.00

1.02

ab

r-1

8

ma

y-1

8

jun

-18

Sudamericano En Dólares


Market Monitor

4000

9000

14000

19000

24000

29000

34000

39000

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

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

Merval Argentina

1.5

2.0

2.5

3.0

3.5

0 5 10 15 20 25 30

(%)

Years

US Treasury Yield Curve

1700.0

1900.0

2100.0

2300.0

2500.0

2700.0

2900.0

3100.0

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

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

S&P 500

Yield (%) Var 1D (bps) MTD (bps) Var 1M (bps) Var 1Y (bps) YTD (bps)

1m 1.76 +2.02 +2.02 +4.31 +92.67 +53.84

3m 1.91 -0.01 -0.01 +0.76 +90.09 +53.65

6m 2.12 +1.03 +1.03 +2.84 +98.36 +58.82

1y 2.31 -0.01 -0.01 +5.50 +108.43 +58.02

2y 2.52 -1.21 -1.21 +4.45 +113.44 +63.31

3y 2.61 -1.66 -1.66 +0.56 +105.93 +63.47

5y 2.71 -2.53 -2.53 -3.58 +82.41 +50.61

7y 2.79 -2.73 -2.73 -6.31 +65.43 +46.18

10y 2.83 -2.73 -2.73 -6.94 +52.91 +42.74

30y 2.97 -1.87 -1.87 -8.03 +13.55 +23.04

US Treasury Yields

EUA

S&P 500 2718.37 0.08% -0.59% 1.67%

NASDAQ 7510.30 0.09% -0.58% 8.79%

DOW JONES 24271.41 0.23% -1.48% -1.81%

EUROPA

FTSE 100 7578.5 -0.77% -1.60% -1.42%

EUROSTOXX 50 3374.48 -0.62% -2.29% -3.70%

DAX 12250.46 -0.45% -3.72% -5.16%

CAC 40 5281.84 -0.78% -3.36% -0.58%

ASIA

JAPÓN 21811.93 -2.21% -1.62% -4.19%

CHINA 2775.56 -2.52% -9.74% -16.07%

LATAM

BRASIL 72762.51 1.39% -5.80% -4.76%

MEXICO 47663.2 1.34% 5.89% -3.43%

CHILE 5301.251 -1.78% -3.11% -4.73%

MERVAL 26037.01 -2.81% -8.44% -13.40%

PETROLEO WTI 73.78 -0.50% 12.18% 24.17%

BRENT 78.27 -1.21% 1.93% 17.05%

GAS NATURAL 2.89 -1.16% -2.43% -2.13%

COBRE 294.00 -0.37% -5.12% -10.92%

ORO 1250.11 -0.20% -3.24% -4.04%

PLATA 15.97 -0.89% -2.68% -5.69%

SOJA 315.50 0.03% -15.91% -9.77%

TRIGO 186.36 1.20% -6.20% 8.91%

MAIZ 146.06 -0.07% -9.90% -3.39%

Euro 1.16 -0.39% -0.52% -3.06%

Libra Esterlina 1.31 -0.58% -1.37% -2.83%

Yen 110.76 0.00% -0.85% 1.74%

Franco Suizo 0.99 -0.29% -0.58% -1.93%

Dólar Australiano 0.74 -0.70% -3.86% -5.84%

Yuan 6.67 -0.68% -3.88% -2.40%

Peso Chileno 654.35 -0.68% -3.74% -5.95%

Peso Mexicano 20.04 -0.66% 0.16% -1.90%

Real Brasileño 3.89 -0.27% -3.65% -14.89%

Peso Argentino 28.93 -2.88% -14.03% -35.62%

FX

COMMODITIES

INDEX

Last Daily Var.

(%)

MoM Var.

(%)YTD (%)


Equity Monitor

1D 1W 1M 1Y YTD 2015 2016 2017 LTM P/E Fwd * 2015 2016 2017 LTM P/BV Fwd * 2015 2016 2017 LTM EV/EBITDA Fwd*

Merval 26037 -2.81% -13.82% -8.83% 21.32% -13.40%

Agro MM ARS

San Miguel SAMI 103.5 -3.50% -16.19% 8.49% -6.76% -12.88% 7,364 11,686 32.91 49.95 22.01 13.24 2.96 5.55 3.47 2.70 1.32 10.47 214.73 521.93 6.49

Agro Supplier

Agrometal AGRO 14.1 -11.88% -26.18% -0.70% -46.22% -40.00% 1,058 1,307 -19.31 25.46 26.81 22.55 NULL 3.57 8.63 8.19 5.64 NULL -103.54 12.77 15.16 11.71 NULL

Construction

Holcim Argentina HARG 55.05 -5.09% -15.31% -5.33% 19.81% -27.21% 19,381 19,262 64.15 29.08 25.02 17.58 16.94 3.11 7.46 31.78 18.08 NULL 4.58 10.71 14.15 10.15 9.06

Loma Negra LOMA 59.1 -1.42% -18.26% -7.87% -30.80% 33,452 36,374 30.50 18.28 2.93 12.65 7.62 1.20 1.74 12.97 8.67 7.12

Highway

Autopistas del Oeste OEST 27.2 -6.85% -14.87% -4.06% -20.28% -18.69% 4,352 3,411 12.01 16.04 13.73 8.42 NULL 3.17 9.64 12.26 6.82 NULL 4.85 8.04 7.62 4.50 NULL

Autopistas del Sol AUSO 97.85 -3.12% -7.21% 4.43% 3.21% -6.23% 8,648 8,172 19.22 14.23 19.72 16.39 NULL 8.23 8.89 27.89 18.58 NULL 3.30 6.12 12.35 10.15 NULL

Holding

Cresud CRES 42.25 -1.29% -8.35% 0.36% 40.15% 3.81% 21,194 180,947 4.51 4.74 NULL 1.05 1.10 NULL 22.05 22.79 NULL

Metals

Aluar ALUA 20.65 6.99% -2.59% 30.23% 121.34% 45.99% 57,820 59,429 38.29 13.84 14.11 17.07 15.41 3.90 2.94 4.39 6.44 NULL 15.82 7.36 8.14 9.75 9.33

Terniun Argentina TXAR 13.25 -1.12% -17.19% -7.99% 29.14% -5.84% 59,851 64,816 19.77 10.89 11.41 9.55 5.10 1.47 1.40 1.73 1.46 NULL 8.18 8.37 11.82 8.68 5.15

Tenaris * TS 521.95 1.08% 5.68% 15.71% 103.81% 76.93% 21261 * 21038 * -175.40 376.74 34.52 37.00 25.97 1.20 1.85 1.64 1.81 1.81 10.45 33.31 19.48 19.17 13.92

Oil & Gas

Pampa Energia PAMP 40.95 -2.96% -13.88% -14.51% 5.13% -17.94% 85,094 117,482 5.10 -3,472.00 21.02 15.65 12.58 2.18 3.86 5.72 4.27 NULL 4.62 14.21 10.69 7.69 3.47

YPF YPFD 390 -1.73% -14.85% -14.05% 10.30% -7.53% 153,392 313,770 18.57 -3.56 13.42 8.33 1.03 0.71 0.85 1.09 0.89 NULL 3.79 4.22 4.82 3.70 3.20

Petroleo Brasilero * APBR 144.25 4.53% 12.21% -3.80% 119.44% 51.23% 64,926 147,887 -3.45 -14.07 -739.60 101.92 0.45 0.89 0.84 0.79 4.64 5.56 4.91 4.71

Other

Boldt BOLT 5.3 0.19% -4.85% -3.64% -24.36% -20.50% 4,452 4,236 6.15 5.79 16.09 7.65 NULL 1.18 1.51 5.54 2.75 NULL 5.40 6.14 15.34 7.23 NULL

ByMA * BYMA 344.8 -2.50% -12.82% 3.84% 135.46% 1.80% 26,291 - 23.12 18.05 12.18 5.51 5.10 NULL 12.67

Mirgor MIRG 337.7 -4.01% -23.01% -23.77% -2.06% -34.09% 6,079 5,990 2.07 8.58 10.39 5.83 NULL 0.84 3.03 3.64 2.17 NULL -0.65 4.37 4.58 2.54 NULL

Real Estate

Consultatio CTIO 37.4 -0.80% -15.00% -5.20% 3.58% -33.36% 15,331 13,577 7.05 10.25 10.24 6.70 NULL 2.64 2.24 2.38 1.55 NULL -694.93 5.96 4.56 2.85 NULL

IRSA IRSA 49.6 0.81% -5.52% 2.69% 32.46% -8.74% 28,702 182,830 3.47 3.35 NULL 1.03 0.94 NULL 15.33 15.23 NULL

TGLT TGLT 9.7 -5.37% -13.00% -15.65% -2.51% -44.25% 682 1,191 -27.31 220.92 -3.48 -1.94 NULL 7.15 7.14 2.73 1.52 NULL 117.02 -7.00 -4.81 NULL

Telecomunications

Cablevision Holding CVH 301.7 1.55% -13.81% 3.25% -35.94% 54,500 169,185 108.82 69.71 19.68 - 11.21 1.17 NULL - 11.05 3.92 2.91

Telecom Argentina TECO2 102.55 -7.07% -11.52% -6.48% 38.62% -19.71% 220,861 257,857 11.41 12.96 16.22 11.39 12.92 2.26 2.66 5.36 1.74 2.37 3.85 4.04 6.74 6.72 2.03

Utilities

Central Puerto CEPU 28.2 0.89% -18.97% -15.57% 36.37% -9.19% 42,461 44,842 12.22 18.39 13.70 4.18 3.24 3.52 6.32 6.61 2.91 NULL 12.25 17.60 11.97 10.76 7.14

Central Costanera CECO2 8.5 -10.99% -33.07% -30.04% -38.18% -46.71% 5,967 7,899 -36.59 63.59 30.27 10.99 12.14 6.37 11.69 11.14 5.54 NULL 6.79 9.24 11.00 5.60 3.05

Transp. Gas del Norte TGNO4 43.95 -2.33% -19.36% -25.82% 16.00% -40.45% 19,310 22,338 -6.86 -23.26 38.52 24.89 NULL 10.25 107.75 2.16 1.27 NULL -30.89 21.10 20.09 9.10 4.31

Transp. Gas del Sur TGSU2 69.15 -6.55% -19.73% -17.97% 27.23% -16.74% 54,939 53,519 -78.01 25.27 23.62 14.22 6.57 7.92 9.31 12.40 7.79 NULL 12.35 9.99 12.78 7.87 1.97

Metrogas METR 29.85 -7.01% -25.56% -24.05% 33.26% -33.67% 16,990 20,902 -7.41 -11.82 33.14 -115.67 NULL -5.40 -5.15 2.85 1.98 NULL 7.81 14.76 17.31 11.73 NULL

Edenor EDN 47.25 -9.83% -14.79% -14.63% 83.14% 3.28% 42,830 42,555 9.88 -8.11 60.79 24.84 8.62 7.40 51.86 39.09 17.42 NULL 4.80 -13.52 14.61 9.00 2.04

Transener TRAN 40.9 -9.11% -21.65% -19.09% 43.26% -16.45% 18,187 18,749 66.34 -88.49 9.54 6.82 5.90 5.45 11.18 7.61 4.96 4.18 10.59 36.58 6.38 4.68 1.64

Dist. Gas Cuyana DGCU2 41.5 -7.78% -17.25% -12.08% 36.58% -3.01% 8,398 7,691 101.51 20.73 14.71 10.54 NULL 3.16 4.69 7.26 11.06 NULL -58.27 34.05 14.15 9.45 NULL

Camuzzi Gas Pampeana CGPA2 41.15 -10.15% -23.51% -28.43% 32.74% -41.96% 13,715 12,339 26.24 -17.69 28.64 38.97 NULL 3.35 7.28 17.79 12.31 NULL -11.71 -15.07 36.96 21.85 NULL

1D 1W 1M 1Y YTD 2015 2016 2017 LTM P/E Fwd * 2015 2016 2017 (NIIF) LTM (NIIF) P/BV Fwd *

Banks

Banco Macro BMA 167.05 -5.59% -14.31% -15.01% 15.36% -20.84% 111,867 8.88 8.85 14.26 9.42 8.00 2.80 2.62 3.04 2.23 1.91

Banco Frances FRAN 119.4 -2.01% -13.13% -0.42% 20.02% -21.58% 73,152 9.77 20.85 22.95 15.24 10.80 3.38 2.95 2.95 2.31 1.99

Banco Hipotecario BHIP 13.9 -3.47% -10.32% -13.66% 109.00% 2.96% 20,850 7.75 14.95 12.71 11.13 NULL 1.55 1.52 1.46 2.63 NULL

GF Galicia GGAL 95.05 -4.85% -14.02% -10.16% 38.17% -22.60% 135,614 10.89 9.13 20.16 13.39 11.58 3.26 2.70 4.25 3.29 2.52

Grupo Supervielle SUPV 61.6 0.16% -20.05% -28.70% 5.67% -44.91% 28,134 - 10.44 18.37 10.07 6.84 - 2.14 3.56 1.86 1.54

* 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

* Fwd Ratios Source: Reuters Estimates

Market Cap

P/E P/BV

P/BVP/E

EV/EBITDA

-

Sector Ticker Price Close

Market Cap EVSector Ticker Price Close


Fixed Income – ARS Sovereign

TC20

PR13

TC21 TC23

TC25 DIP0

DICPPARPAF19

A2M2

CUAP

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

0 2 4 6 8 10 12 14

Duration

CER - Sovereign Yield Curve

TS18

TN20

TO21

TO23

TO26A2M2

AF1915.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

0 1 2 3 4 5

Duration

Fixed Rate - Sovereign Yield Curve

AMX9

AA22

PR15AM20

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

0 1 2 3

Duration

BADLAR - Sovereign Yield Curve

Variable Rate - BADLAR

Bonar 2019 AMX9 101.00 1.00% 41.48% 36.23% 3.94% 0.57 2.05 11-Sep-18 11-Mar-19 Bullet Qtly. Badlar+250 100

Bonar 2020 AM20 95.00 -4.90% 49.46% 42.25% 9.96% 1.13 3.02 01-Sep-18 01-Mar-20 Bullet Qtly. Badlar+325 100

Bocon 2022 PR15 162.00 0.31% 47.51% 40.80% 8.51% 1.49 9.88 04-Jul-18 04-Oct-22 Qtly. Qtly. Badlar 100

Bonar 2022 AA22 94.00 -6.00% 42.87% 37.29% 5.00% 1.99 0.00 03-Oct-18 03-Apr-22 Bullet Qtly. Badlar+200 100

Variable Rate - REPO

ARGPOM 2020 TJ20 105 0.00% 42.77% 37.21% -2.79% 1.31 1.32 21-Sep-18 22-Jun-20 Bullet Qtly. Mon. Pol. 100

Mixed Peso

ARGCER 2019 AF19 110 0.00% 9.55% 9.34% - 0.58 0.28 08-Feb-19 08-Feb-19 Bullet Mth. Fixed=3,75 100

FIXED RATE 2019 AF19 110 0.00% 19.45% 18.58% - 0.55 1.46 08-Feb-19 08-Feb-19 Bullet Sem. Fixed=20.47 100

ARGCER 2020 A2M2 100.80 -2.14% 10.14% 9.90% - 1.60 0.33 06-Mar-20 06-Mar-20 Bullet Mth. Fixed=4 100

FIXED RATE 2020 A2M2 100.80 -2.14% 24.93% 23.55% - 1.49 1.51 06-Mar-20 06-Mar-20 Bullet Sem. Fixed=19.21 100

Fixed Rate

FIXED RATE 2018 TS18 102.00 - 46.05% 41.70% - 0.19 6.12 19-Sep-18 19-Sep-18 Bullet Sem. Fixed=21.20 100

FIXED RATE 2020 TN20 101.10 - 27.04% 25.42% - 1.69 0.00 21-Nov-18 21-Nov-20 Bullet Sem. Fixed=27.50 100

FIXED RATE 2021 TO21 96.00 - 23.13% 21.93% - 2.32 4.55 03-Oct-18 03-Oct-21 Bullet Sem. Fixed=18.20 100

FIXED RATE 2023 TO23 93.05 - 20.06% 19.15% - 3.38 3.38 17-Oct-18 17-Oct-23 Bullet Sem. Fixed=16,00 100

FIXED RATE 2026 TO26 94.50 - 18.28% 17.51% - 4.42 3.27 17-Oct-18 17-Oct-26 Bullet Sem. Fixed=15.50 100

BONCER 2020 TC20 132 8.40% 8.23% - 1.71 0.59 28-Oct-18 28-Apr-20 Bullet Sem. Fixed=2,25 100

BOCON 2024 PR13 390.00 1.30% 8.42% 8.25% - 2.51 0.46 16-Jul-18 15-Mar-24 Sinkable Mth. Fixed=2 57.67

BONCER 2021 TC21 135.75 0.26% 7.75% 7.61% - 2.81 1.74 22-Jul-18 22-Jul-21 Bullet Sem. Fixed=2,5 100

BONCER 2023 TC23 94.25 - 8.10% 7.94% - 4.05 1.42 06-Sep-18 06-Mar-23 Bullet Sem. Fixed=4 100

BONCER 2025 TC25 95.00 - 6.00% 5.91% - 5.76 0.77 27-Oct-18 27-Apr-25 Bullet Sem. Fixed=4 100

DISCOUNT $ 2033 DIP0 800.00 - 6.47% 6.37% - 7.67 0.41 31-Dec-18 31-Dec-33 Sinkable Sem. Fixed=5,83 100

DISCOUNT $ 2033 DICP 699.50 -0.36% 8.32% 8.16% - 7.33 0.41 31-Dec-18 31-Dec-33 Sinkable Sem. Fixed=5,83 100

PAR $ 2038 PARP 285.00 -1.72% 8.76% 8.57% - 11.64 2.00 30-Sep-18 31-Dec-38 Sinkable Sem. Fixed=1,18 100

CUASIPAR CUAP 500.00 -3.85% 7.64% 7.50% - 12.83 0.25 31-Dec-18 31-Dec-45 Sinkable Sem. Fixed=3,31 100

Coupon (%)Acc.

InterestCpn. Freq

Daily

Var.Amort.

Next

PaymentTicker Price

Residual

(%)Bonds MaturityDuration

YTM

(Annual)

YTM

(Nominal)Spread

Inflation Linked - CER


Fixed Income – US Dollar Sovereign

A2E3

AN18

AA19

AO20

AA21 AY24

A2E2AA25

AA26A2E7

DICA

DICY

AL28AA37

AL36PARA

PARYAA46

AC17A2E8AE48

3.5%

4.5%

5.5%

6.5%

7.5%

8.5%

9.5%

10.5%

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 2018 AN18 2967 102.90 101.35 102.20 -0.30% 101.34% 3.85% 5.61% 8.88% 0.40 0.85 29-Nov-18 29-Nov-18 Bullet Sem. Fixed=9 Arg 100 1 2,312

Global 2019 AA19 2970 101.80 100.78 102.01 -0.05% 100.77% 5.58% 5.31% 6.20% 0.78 1.23 22-Oct-18 22-Apr-19 Bullet Sem. Fixed=6,25 NY 100 150,000 2,750

Bonar 2020 AO20 3045 105.15 103.66 105.55 -0.55% 103.60% 6.51% 6.32% 7.72% 2.05 1.89 8-Oct-18 8-Oct-20 Bullet Sem. Fixed=8 Arg 100 1 950


Bonar 2024 AY24 3024 104.45 103.55 104.92 -0.48% 103.51% 7.79% 7.62% 8.45% 2.81 1.36 7-Nov-18 7-May-24 Sinkable Sem. Fixed=8,75 Arg 100 1 6,360

Global 2022 A2E2 2800 96.50 93.91 96.36 -0.71% 94.06% 7.69% 7.74% 5.99% 3.11 2.45 26-Jul-18 26-Jan-22 Bullet Sem. Fixed=5,625 NY 100 1,000 3,250

Global 2023 A2E3 2550 94.90 88.51 90.72 -0.87% 88.76% 6.61% 7.82% 5.23% 3.91 2.21 11-Jul-18 11-Jan-23 Bullet Sem. Fixed=4,625 NY 100 1000 1,750

Bonar 2025 AA25 2600 88.60 88.55 89.75 -2.54% 88.68% 8.73% 8.45% 6.49% 4.74 1.20 18-Oct-18 18-Apr-25 Sinkable Sem. Fixed=5,75 Arg 100 1,000 1,535


Global 2027 A2E7 2645 91.40 88.51 91.51 -1.43% 88.84% 9.02% 9.00% 7.77% 6.08 3.00 26-Jul-18 26-Jan-27 Bullet Sem. Fixed=6,875 NY 100 1,000 3,750

Global 2028 A2E8 2370 87.75 81.73 84.54 -1.20% 82.23% 8.34% 8.92% 7.19% 6.73 2.81 11-Jul-18 11-Jan-28 Bullet Sem. Fixed=5,875 NY 100 1000 4,250

Global 2048 AE48 2500 95.60 75.55 78.84 -1.08% 76.33% 7.66% 9.53% 9.10% 10.14 3.28 11-Jul-18 11-Jan-48 Bullet Sem. Fixed=6,875 NY 100 1000 3,000

Discount 2033 ARL DIA0 3700 127.50 98.05 137.56 -0.41% 98.05% 9.92% 8.74% 8.45% 6.92 0.10 31-Dec-18 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 184

Discount 2033 USL DIY0 3812 140.00 90.82 127.43 -1.79% 90.83% 8.47% 9.93% 9.12% 6.71 0.10 31-Dec-18 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 1,817

Discount 2033 ARL DICA 3745 129.00 96.84 135.87 -2.42% 96.84% 9.74% 8.93% 8.55% 6.89 0.10 31-Dec-18 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 6,872

Discount 2033 USL DICY 3760 129.75 94.88 133.12 -1.61% 94.88% 9.65% 9.25% 8.73% 6.83 0.10 31-Dec-18 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 5,560

Global 2028 AL28 - - 85.36 88.61 -1.32% 85.82% - 9.05% 7.76% 6.76 3.26 6-Jul-18 6-Jul-28 Bullet Sem. Fixed=6,625 NY 100 150,000 1,000

Bonar 2037 AA37 2469 85.00 87.10 88.69 -0.81% 87.31% 9.81% 9.30% 8.75% 9.01 1.59 18-Oct-18 18-Apr-37 Sinkable Sem. Fixed=7,625 Arg 100 1,000 2,020

Global 2036 AL36 - 88.25 80.75 84.26 -1.46% 81.40% 9.02% 9.57% 8.82% 8.86 3.50 6-Jul-18 6-Jul-36 Bullet Sem. Fixed=7,125 NY 100 150,000 1,750

PAR USD USL PAY0 1625 60.50 54.34 54.99 -0.08% 54.64% 8.84% 9.83% 4.60% 10.03 0.65 30-Sep-18 31-Dec-38 Sinkable Sem. Fixed=2,5 NY 100 1 95

PAR USD ARL PAA0 1600 63.10 54.92 55.56 -1.12% 55.21% 8.41% 9.72% 4.55% 10.07 0.65 30-Sep-18 31-Dec-38 Sinkable Sem. Fixed=2,5 Arg 100 1 71

PAR USD ARL PARA 1655 55.50 57.16 57.81 -1.13% 57.44% 9.73% 9.31% 4.37% 10.22 0.65 30-Sep-18 31-Dec-38 Sinkable Sem. Fixed=2,5 Arg 100 1 1,246

PAR USD USL PARY 1658 57.40 57.20 57.85 -1.38% 57.48% 9.38% 9.30% 4.37% 10.22 0.65 30-Sep-18 31-Dec-38 Sinkable Sem. Fixed=2,5 NY 100 1 5,313


Global 2117 AC17 2220 76.60 76.88 76.98 -1.13% 76.90% 9.52% 9.48% 9.27% 10.93 0.10 28-Dec-18 28-Jun-17 Bullet Sem. Fixed=7,125 NY 100 1,000 2,750

BondsResidual

(%)Amort. Coupon (%) LawParity

YTM Mep.

(Annual)

Minimum

Piece

Amount O/S

(in Million)Daily Var. Cpn. FreqTicker

Next

PaymentMaturity

Acc.

Interest

YTM Ext.

(Annual)

Current

YieldDuration


Fixed Income – US Dollar Sub-Sovereign

Price

ARS Clean Dirty

BS. AS. PAR 2020 BPMD 1930 97.42 65.41 0.00% 6.62% 4.11% 1.03 0.46 1-Nov-18 1-May-20 Sinkable Sem. Fixed=4 NY 66.668 1 42.3

BS. AS. 2018 BP18 2950 100.36 103.20 0.00% 7.43% 9.34% 0.20 2.84 14-Sep-18 14-Sep-18 Bullet Sem. Fixed=9,375 NY 100 100,000 475.0

BS. AS. 2019 PBJ19 2760 98.85 99.14 -0.31% 7.14% 5.82% 0.92 0.29 15-Dec-18 15-Jun-19 Bullet Sem. Fixed=5,75 NY 100 150,000 750.0

BS. AS. 2021 BP21 - 103.17 107.91 -1.25% 8.78% 10.54% 1.36 4.74 26-Jul-18 26-Jan-21 Sinkable Sem. Fixed=10,875 NY 100 100,000 750.0

BS. AS. 2021 PBJ21 - 103.30 103.97 -0.62% 8.57% 9.63% 2.15 0.66 9-Dec-18 9-Jun-21 Sinkable Sem. Fixed=9,95 NY 100 150,000 899.5

BS. AS. 2023 PBF23 - 91.77 94.26 -0.94% 9.43% 7.08% 3.06 2.49 15-Aug-18 15-Feb-23 Sinkable Sem. Fixed=6,5 NY 100 1,000 750.0

BS. AS. 2024 PBM24 2890 96.86 99.57 -0.24% 10.22% 9.42% 3.66 2.71 16-Sep-18 16-Mar-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 1,250.0

BS. AS. 2027 PBJ27 2485 87.53 87.92 -0.78% 10.46% 9.00% 5.65 0.39 15-Dec-18 15-Jun-27 Sinkable Sem. Fixed=7,875 NY 100 150,000 1,750.0

BS. AS. 2028 BP28 2696 97.38 99.39 0.57% 10.32% 9.88% 5.74 2.01 18-Oct-18 18-Apr-28 Sinkable Sem. Fixed=9,625 NY 100 100,000 400.0

BS. AS. PAR 2035 BPLD 1994 66.83 67.36 -0.73% 9.94% 5.99% 6.51 0.53 15-Nov-18 15-May-35 Sinkable Sem. Fixed=4 NY 100 1 446.5

CITY OF BS. AS. BUEAIR 21 - 102.35 105.68 -0.29% 7.48% 8.74% 1.47 3.33 19-Aug-18 19-Feb-21 Sinkable Sem. Fixed=8,95 ENG 100 200,000 500.0

CITY OF BS. AS. BUEAIR 27 - 90.78 91.44 -0.91% 9.37% 8.26% 5.76 0.67 1-Dec-18 1-Jun-27 Sinkable Sem. Fixed=7,5 UK 100 200,000 890.0

JUJUYA 2022 JUS22 - 94.43 96.94 - 10.53% 9.13% 3.38 2.52 20-Sep-18 20-Sep-22 Bullet Sem. Fixed=8,625 NY 100 150,000 210.0

SANTA FE 2023 PROVSF23 - 92.72 94.66 -0.62% 9.32% 7.55% 3.51 1.94 23-Sep-18 23-Mar-23 Sinkable Sem. Fixed=7 NY 100 150,000 250.0

SANTA FE 2027 PROVSF27 - 84.91 86.10 0.08% 9.79% 8.13% 5.98 1.19 1-Nov-18 1-Nov-27 Sinkable Sem. Fixed=6,9 NY 100 150,000 250.0

CÓRDOBA 2021 PDCAR21 - 97.35 97.81 -0.07% 8.31% 7.32% 2.62 0.46 10-Dec-18 10-Jun-21 Bullet Sem. Fixed=7,125 NY 100 150,000 725.0

CÓRDOBA 2026 CO26 2750 95.24 96.54 -0.52% 8.74% 7.48% 3.49 1.31 27-Jul-18 27-Oct-26 Sinkable Qtly. Fixed=7,125 ARG 100 1,000 300.0

CÓRDOBA 2024 CO24 - 90.62 93.14 -0.61% 9.70% 8.22% 4.70 2.52 1-Sep-18 1-Sep-24 Bullet Sem. Fixed=7,45 NY 100 150,000 510.0

CÓRDOBA 2027 PDCAR27 2345 83.81 86.81 0.40% 10.10% 8.50% 6.16 3.01 1-Aug-18 1-Aug-27 Bullet Sem. Fixed=7,125 NY 100 150,000 450.0

MENDOZA 2018 BARX1 - 100.06 5.39 0.00% 4.59% 5.50% 0.17 0.10 4-Sep-18 4-Sep-18 Sinkable Sem. Fixed=5,5 NY 5.29 10,000 12.2

MENDOZA 2024 PMY24 2597 92.27 93.29 1.44% 10.71% 9.08% 3.85 1.02 19-Nov-18 19-May-24 Sinkable Sem. Fixed=8,375 NY 100 150,000 500.0

TRA. DEL FUEGO FUEGO27 - 95.79 97.68 -0.43% 10.43% 9.34% 3.75 1.89 17-Jul-18 17-Apr-27 Sinkable Qtly. Fixed=8,95 NY 100 1,000 200.0

NEUQUÉN 2021 NRH2 - 102.97 38.64 -0.18% 5.85% 7.65% 1.36 0.54 26-Jul-18 26-Apr-21 Sinkable Qtly. Fixed=7,875 NY 37 150,000 29.2

NEUQUÉN 2028 NDT11 - 92.91 94.13 -0.35% 10.69% 9.28% 4.21 1.22 12-Aug-18 12-May-28 Sinkable Qtly. Fixed=8,625 NY 100 150,000 348.7

NEUQUÉN 2025 NEU2025 - 84.67 86.05 0.25% 11.47% 8.86% 4.43 1.38 27-Oct-18 27-Apr-25 Sinkable Sem. Fixed=7,5 NY 100 1,000 366.0

LA RIOJA 2025 RIF25 - 94.09 97.59 - 11.60% 10.36% 3.78 3.49 24-Aug-18 24-Feb-25 Sinkable Sem. Fixed=9,75 NY 100 150,000 200.0

CHACO 2024 CH24D 2460 84.98 88.50 - 13.99% 11.03% 3.70 3.52 18-Aug-18 18-Aug-24 Sinkable Sem. Fixed=9,375 NY 100 150,000 250.0

CHUBUT 2020 TUBA1 - 100.46 22.33 0.00% 7.50% 7.71% 1.05 0.00 1-Oct-18 1-Jul-20 Sinkable Qtly. Fixed=7,75 NY 22.22 10,000 23.1

CHUBUT 2023 PUY23 2599 98.71 95.06 -0.05% 9.80% 8.99% 2.10 1.03 19-Aug-18 19-May-23 Sinkable Qtly. Fixed=8,875 NY 95.25 25,000 47.6

CHUBUT 2026 PUL26 2308 80.02 81.46 -1.76% 13.95% 9.69% 3.75 1.44 26-Jul-18 26-Jul-26 Sinkable Qtly. Fixed=7,75 NY 100 150,000 650.0

ENTRE RIOS 2025 ERF25 - 87.90 91.43 -1.10% 12.10% 9.95% 4.08 3.52 8-Aug-18 8-Feb-25 Sinkable Sem. Fixed=8,75 NY 100 150,000 500.0

SALTA 2022 SARH - 98.29 43.58 -0.06% 10.91% 9.67% 1.68 0.20 16-Sep-18 16-Mar-22 Sinkable Qtly. Fixed=9,5 NY 44.14 150,000 81.7

SALTA 2024 SA24D 2500 94.46 98.92 - 10.86% 9.66% 3.75 4.46 7-Jul-18 7-Jul-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 350.0

Daily 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)

Current

Yield


Fixed Income – US Dollar Sub-Sovereign

PBF23

BPMD

BP18

BP21

PBJ27BP28

BPLD

CO26

BARX1

SA24D

BUEAIR 21

BUEAIR 27PBJ21

NEU2025

PMY24

CO24

PBJ19

PBM24

SARH

TUBA1

NRH2

PDCAR21

PDCAR27

RIF25

PROVSF27

FUEGO27

PUY23

NDT11

PROVSF23

JUS22

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

0 2 4 6 8Duration

US Dollar Sub-Sovereign Yield Curve

Buenos Aires Prov.

Buenos Aires City

PBF23

BPMD

BP18

BP21

BPLD

CO26

BUEAIR 21

BUEAIR 27PBJ21CO24

PBJ19

PDCAR21

3%

4%

5%

6%

7%

8%

9%

10%

0 2 4 6 8

Duration


Buenos Aires Prov.

Buenos Aires City

BARX1

SA24D

NEU2025

PMY24

SARH

PUL26

TUBA1

CH24D

NRH2

ERF25RIF25

PROVSF27

FUEGO27PUY23 NDT11

PROVSF23

JUS22

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

0 2 4 6 8

Duration


Buenos Aires Prov.

Buenos Aires City


Fixed Income - Dollar-Linked

PUO19

BDC20BD2C9

BDC19

PMD18

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0Duration

Dollar-Linked Yield Curve

Sovereign CABA Sub Sovereign

NEUQUÉN 2018 NDG21 372 - 62.19% 0.16 28-Jul-18 28-Oct-18 Qtly. Qtly. 3.90 14 199

MENDOZA Cl. 2 2018 PMO18 309 - 87.16% 0.17 30-Jul-18 30-Oct-18 Qtly. Qtly. 2.75 12 55

MENDOZA Cl. 3. 2018 PMD18 322 - 27.82% 0.31 18-Sep-18 18-Dec-18 Qtly. Qtly. 2.75 12 70

CABA Cl. 4 2019 BDC19 955 2.14% 9.28% 0.61 17-Nov-18 17-May-19 Sem. Sem. 3.98 33 327

CABA Cl. 5 2019 BD2C9 1330 - 13.35% 0.86 20-Dec-18 20-Dec-19 Sem. Sem. 1.95 50 113

CABA Cl. 6 2020 BDC20 1830 -1.08% 12.34% 0.74 28-Jul-18 28-Jan-20 Sem. Sem. 1.95 67 147

CHUBUT 2019 PUO19 1019 3.98% 18.92% 0.60 21-Jul-18 21-Oct-19 Qtly. Qtly. 4.00 38 220

Dollar-Linked Sub-Sovereign

Residual

Value (%)

Amt. Issued

(USD MM)Cpn. Freq

Coupon

(%)Bonds Ticker Price

YTM

(Annual)Duration

Next

PaymentMaturity Amort.Daily Var.


ROFEX US Dollar Future / Official Exchange Rate

29.50%

31.50%

33.50%

35.50%

37.50%

39.50%

Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19

Simple Rate

ROFEX US Dollar Futures: Implicit Rates

FX Var 1D (%) Var 5D (%) MTD (%) Var 1M (%) YTD (%) YoY(%)

SIOPEL 28.85 2.60% 6.81% 0.00% 16.14% 54.70% 74.85%

BCRA 28.86 3.78% 6.09% 0.00% 15.91% 53.73% 75.12%

BNAB 28.90 2.85% 6.64% 0.00% 16.06% 54.96% 75.15%

BNAG 28.80 2.67% 6.82% 0.00% 16.18% 54.85% 75.08%*BNAB = Re t a il

*BNAG = Wholesa le

Simple Compound

31/07/2018 29.830 3.40% 38.75% 46.38%

31/08/2018 30.720 6.48% 37.55% 43.89%

28/09/2018 31.520 9.25% 37.12% 42.62%

31/10/2018 32.470 12.55% 36.93% 41.62%

30/11/2018 33.350 15.60% 36.97% 40.99%

31/12/2018 34.100 18.20% 35.90% 39.08%

31/01/2019 34.730 20.38% 34.44% 36.81%

28/02/2019 35.330 22.46% 33.60% 35.41%

29/03/2019 35.930 24.54% 32.81% 34.10%

30/04/2019 36.530 26.62% 31.86% 32.64%

31/05/2019 37.130 28.70% 31.18% 31.53%

28/06/2019 37.730 30.78% 30.86% 30.88%

RateTerm Price Var FX


Fixed Income - GDP Warrants

2

4

6

8

10

12

14

Jul-

16

Au

g-1

6

Sep-

16

Oct

-16

No

v-1

6

Dec

-16

Jan-

17

Fe

b-1

7

Mar

-17

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

ARS Warrant (TVPP)ARS

5

6

7

8

9

10

11

12

13

Jul-

16

Au

g-1

6

Sep-

16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

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

Fe

b-1

8

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

USD Warrant (TVPY)U$S

ARS USD-EUR

ARS GDP Warrant TVPP 3.5 USD 0.12 -0.28% 15-Dec-35 ARS 24.60 7.0x Arg

USD GDP Warrant TVPA 154.0 USD 5.34 - 15-Dec-35 USD 29.97 5.6x Arg

USD GDP Warrant TVPY 155.0 USD 5.38 -16.96% 15-Dec-35 USD 29.97 5.6x NY

EUR GDP Warrant TVPE 195.0 EUR 5.77 0.00% 15-Dec-35 EUR 31.01 5.4x UK

GDP Warrants

PriceResidualMaturity LawTicker

Residual /

PriceDaily Var.

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