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Market Monitor - April 24, 2019
Market Monitor
April 24, 2019
Market Monitor - April 24, 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 5,363942 0,11% 3,32% 50,03% 13,78% 42,44% 26,13% 34,16% 28,67% 27,29% 19,43%
Ahorro FCI Clase B 5,269795 0,11% 3,37% 50,91% 13,99% 43,29% 25,92% 33,36% 27,90% 26,52% 18,73%
Renta Fija FCI Clase A 7,774152 -1,10% -1,58% 51,39% 10,17% 47,23% 18,33% 32,18% 32,02% 27,08% 42,35%
Renta Fija FCI Clase B 8,07422 -1,10% -1,52% 52,54% 10,42% 48,34% 19,22% 33,17% 33,01% 27,79% 42,35%
Invertir Global FCI Clase A 11,538079 -1,00% -2,96% 45,70% 11,38% 40,71% 26,86% 36,57% 47,10% 38,84% 39,83%
Invertir Global FCI Clase B 11,715440 -1,00% -2,94% 46,00% 11,46% 40,99% 27,17% 36,91% 47,42% 39,13% 39,88%
Subsoberano FCI Clase A 2,342916 -0,53% -1,26% 42,39% 10,17% 39,79% 24,59% - - - -
Subsoberano FCI Clase B 2,369419 -0,53% -1,16% 44,20% 10,60% 41,57% 24,55% - - - -
Renta Fija Estrategica FCI Clase A 2,07657 -0,97% -1,59% 39,25% 11,11% 35,72% 23,95% - - - -
Renta Fija Estrategica FCI Clase B 2,054588 -0,97% -1,55% 38,78% 11,11% 35,05% 23,33% - - - -
Acciones Argentinas FCI Clase A 2,111185 0,01% -9,54% -6,89% -4,21% 4,01% 77,13% - - - -
Acciones Argentinas FCI Clase B 2,085576 0,01% -9,50% -6,84% -4,06% 3,75% 75,78% - - - -
Renta Fija en Dólares FCI Clase A 0,984542 0,20% -2,16% -8,04% 1,01% -8,59% - - - - -
Renta Fija en Dólares FCI Clase B 0,988613 0,20% -2,14% -7,86% 1,08% -8,41% - - - - -
Ahorro En Dólares FCI Clase B 1,038548 0,00% 0,17% 2,64% 0,48% 2,83% -
Ahorro En Dólares FCI Clase C 1,038877 0,00% 0,17% 2,67% 0,48% 2,83% -
Sudamericano En Dólares Clase A 0,905362 0,02% -0,02% -10,90% 0,50% -10,95%
Balanz Institucional Clase A 1,573709 0,13% 3,24% 43,76% 13,45% 36,49% - - - - -
Balanz Institucional Clase C 1,575313 0,13% 3,33% 45,27% 13,82% 8,13% - - - - -
Balanz Multimercado II Clase A 1,271742 0,12% 3,69% - 12,13% - - - - - -
Balanz Multimercado II Clase C 1,273829 0,12% 3,75% - 12,35% - - - - - -
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 24, 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
6,00
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 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
1,024
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
0,89
0,89
0,89
0,90
0,90
0,90
0,90
0,90
0,91
0,91
0,91
oct
-18
no
v-18
dic
-18
ene-
19
feb
-19
mar
-19
Sudamericano En Dólares
Market Monitor - April 24, 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
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
Ap
r-19
S&P 500
Yield (%) Var 1D (bps) MTD (bps) Var 1M (bps) Var 1Y (bps) YTD (bps)
1m 2,41 -1,04 -1,07 -3,21 +75,93 -1,14
3m 2,43 +0,50 +4,68 -1,47 +57,89 +7,28
6m 2,45 -0,26 +2,66 -1,50 +41,87 -2,61
1y 2,42 -0,21 +3,73 -1,67 +21,65 -17,13
2y 2,32 -4,01 +6,38 +0,72 -15,08 -16,40
3y 2,29 -4,10 +8,64 +4,98 -34,24 -16,54
5y 2,32 -4,23 +8,40 +7,51 -50,90 -19,41
7y 2,41 -4,21 +10,16 +7,94 -53,87 -17,09
10y 2,53 -3,61 +12,39 +8,99 -47,06 -15,53
30y 2,95 -2,69 +13,88 +7,92 -22,94 -6,14
US Treasury Yields
EUA
S&P 500 2933,68 0,88% 4,75% 17,03%
NASDAQ 8120,82 1,32% 6,26% 22,39%
DOW JONES 26656,39 0,55% 4,53% 14,27%
EUROPA
FTSE 100 7482,32 -0,54% 3,81% 11,21%
EUROSTOXX 50 3502,86 -0,03% 5,96% 16,71%
DAX 12315,87 0,66% 8,37% 16,64%
CAC 40 5572,75 -0,34% 5,75% 17,80%
ASIA
JAPÓN 22200 -0,27% 2,65% 10,92%
CHINA 3201,61 0,09% 3,14% 28,38%
LATAM
BRASIL 95923,24 1,41% 2,33% 9,14%
MEXICO 45148,32 -0,51% 6,75% 8,42%
CHILE 5217,069 -1,78% 0,14% 2,19%
MERVAL 30926,73 0,46% -5,79% 2,09%
PETROLEO WTI 66,24 -0,09% 11,72% 41,15%
BRENT 74,50 -0,01% 11,14% 38,48%
GAS NATURAL 2,48 1,14% -9,81% -15,54%
COBRE 290,60 0,43% 2,47% 10,45%
ORO 1272,31 -0,01% -3,75% -0,79%
PLATA 14,86 0,13% -4,35% -4,08%
SOJA 317,53 0,26% -4,37% -2,07%
TRIGO 163,03 -0,28% -5,74% -14,42%
MAIZ 141,83 0,00% -7,03% -7,81%
Euro 1,12 -0,20% -0,95% -2,28%
Libra Esterlina 1,30 0,11% -1,84% 1,55%
Yen 111,81 -0,04% 1,69% 2,01%
Franco Suizo 1,02 -0,16% 2,62% 3,75%
Dólar Australiano 0,70 -0,93% -1,07% -0,18%
Yuan 6,72 -0,11% 0,13% -2,33%
Peso Chileno 668,75 0,18% -1,56% -3,59%
Peso Mexicano 18,95 0,23% -0,38% -3,56%
Real Brasileño 3,93 0,31% 2,01% 1,30%
Peso Argentino 42,41 0,00% 0,85% 12,71%
FX
COMMODITIES
INDEX
Last Daily Var.
(%)
MoM Var.
(%)YTD (%)
Market Monitor - April 24, 2019
Equity Monitor
1D 1W 1M 1Y YTD 2016 2017 2018 LTM 2016 2017 2018 LTM 2016 2017 2018 LTM
Merval 30927 0,46% -4,22% -9,53% -0,05% 2,09%
Agro MM ARS
San Miguel SAMI 75 1,35% -2,47% -17,31% -22,68% -21,47% 5.336 12.525 32,91 49,95 -8,09 5,55 3,47 1,98 10,47 214,73 -80,25
Agro Supplier
Agrometal AGRO 12,7 2,01% 10,43% 5,83% -20,87% 5,83% 953 1.263 25,46 26,81 46,40 8,63 8,19 4,30 12,77 15,16 10,11
Construction
Holcim Argentina HARG 75,5 0,67% 0,67% 4,86% -27,74% 29,06% 26.580 26.984 29,08 25,02 21,42 7,46 31,78 19,50 10,71 14,15 12,91
Loma Negra LOMA 96,5 -1,03% -4,46% 0,00% 10,67% 19,88% 57.514 61.949 14,50 26,65 31,95 3,87 3,16 3,79 8,63 7,36 8,70
Highway
Autopistas del Oeste OEST 36,65 0,00% -0,95% -7,22% 27,42% 4,71% 5.864 4.247 16,04 13,73 0,66 9,64 12,26 0,65 8,04 7,62 4,65
Autopistas del Sol AUSO 106 0,71% -0,93% -10,92% -0,39% -11,56% 9.369 8.476 14,23 19,72 0,56 8,89 27,89 0,56 6,12 12,35 8,92
Holding
Cresud CRES 42,3 -1,51% -7,54% -17,30% 4,54% -5,79% 21.023 350.823 5,20 2,93 1,05 0,77 18,49 30,74
Metals
Aluar ALUA 14,8 0,34% -1,99% -11,11% 4,70% -14,45% 41.440 53.600 13,84 14,11 8,64 7,39 2,94 4,39 2,17 1,86 7,35 8,10 7,85 5,08
Terniun Argentina TXAR 12,2 -0,41% -6,15% -11,83% -16,71% -3,14% 55.109 58.780 10,89 11,41 7,25 4,49 1,40 0,86 0,61 0,57 8,37 10,52 4,50 4,18
Tenaris * TS 641,15 0,21% 1,14% 8,68% 67,97% 56,15% 17.844 17.559 34,52 14,36 20,37 1,85 1,64 1,07 1,51 33,31 19,48 8,02 11,45
Oil & Gas
YPF YPFD 629,4 2,34% -1,37% 6,05% 37,72% 25,34% 247.551 528.817 -3,56 13,42 4,80 6,01 0,85 1,09 0,55 0,69 4,22 4,82 4,05 4,47
Petroleo Brasilero * APBR 337,15 1,17% 2,24% -3,34% 137,03% 35,05% 103.052 177.203 -14,04 -738,33 20,88 0,88 0,84 1,42 5,56 4,91 4,95
Other
ByMA BYMA 291 -0,85% -1,19% -9,36% -23,45% -21,79% 22.189 5.754 23,12 8,46 6,51 5,51 3,10 2,38 45,36 5,71 2,65
Mirgor MIRG 264,5 0,57% -4,51% -15,22% -56,78% -25,60% 4.761 4.566 8,58 10,39 6,53 3,03 3,64 1,91 4,37 4,58 1,31
Real Estate
IRSA IRSA 42 0,12% -5,62% -17,65% -9,48% -12,59% 24.304 312.146 3,88 1,02 1,03 0,48 20,74 37,96
Telecomunications
Cablevision Holding CVH 192,75 -2,28% -10,35% -16,92% -53,83% -19,17% 34.819 162.890 108,82 -7,95 11,21 0,83 11,05 5,46
Telecom Argentina TECO2 121,5 -0,41% -3,80% -3,57% -1,10% 2,10% 261.673 335.950 48,41 49,43 1,14 1,16 5,86 5,96
Utilities
Pampa Energia PAMP 39,85 -0,37% -5,57% -21,56% -12,80% -14,76% 78.066 150.613 -3.472,00 7,51 16,63 14,18 3,86 1,71 1,78 1,52 14,21 7,25 4,45 4,09
Central Puerto CEPU 35,3 0,86% -4,59% -10,75% 11,05% 6,01% 53.151 60.118 18,39 13,70 2,86 3,03 6,32 6,61 1,54 1,64 17,60 11,40 8,94 7,63
Central Costanera CECO2 6,23 1,30% -5,18% -26,71% -55,66% -24,39% 4.373 5.742 63,59 16,91 2,00 1,51 11,69 4,33 1,05 0,79 9,24 7,10 1,82 1,46
Transp. Gas del Norte TGNO4 52 0,39% 1,96% -23,30% -16,21% -8,05% 22.847 26.072 -23,26 15,01 6,68 6,14 107,75 1,44 0,85 0,79 21,10 13,03 3,63 3,37
Transp. Gas del Sur TGSU2 96,5 3,37% -0,82% -9,72% 42,86% -3,67% 76.081 80.028 25,27 10,92 7,57 6,66 9,31 2,49 2,79 2,46 9,99 7,43 5,20 4,61
Metrogas METR 18,1 0,56% -0,55% -23,31% -60,18% -31,70% 10.302 17.961 -11,82 33,14 -1.758,62 -5,15 2,85 1,13 0,77 14,76 17,31 4,28 3,38
Edenor EDN 38,3 2,13% 2,54% -22,78% -31,36% -24,83% 34.717 38.369 -8,11 60,79 10,56 7,94 51,86 39,09 1,49 1,12 -13,52 14,61 7,67 5,90
Transener TRAN 39,8 1,02% 0,00% -20,08% -23,92% -11,65% 17.698 17.234 -88,49 5,26 6,56 5,79 11,18 2,10 1,81 1,60 36,58 3,32 3,27 2,88
Dist. Gas Cuyana DGCU2 25 -4,21% -12,28% -32,07% -54,75% -34,64% 5.059 4.782 20,73 8,66 6,46 4,22 4,69 2,02 1,67 1,09 34,05 8,83 3,43 2,20
Camuzzi Gas Pampeana CGPA2 21 0,24% -7,08% -27,84% -64,31% -30,81% 6.999 6.607 -16,92 16,49 3,59 1,08 6,97 6,60 1,82 1,26 -14,35 21,34 4,35 2,96
1D 1W 1M 1Y YTD 2016 2017 2018 LTM 2016 2017 2018 LTM
Banks
Banco Macro BMA 199,7 -1,11% -4,90% -4,88% -5,35% 21,81% 129.446 8,85 14,26 6,88 8,38 2,62 3,04 1,92 2,37
Banco Frances FRAN 124,05 0,69% -7,43% -13,40% -18,42% -11,87% 76.000 20,85 19,86 8,97 7,91 2,44 3,10 2,24 1,97
Banco Hipotecario BHIP 11,2 2,28% -5,88% -11,23% -33,75% -3,30% 16.800 14,95 12,71 8,04 1,52 2,47 1,81
GF Galicia GGAL 104 0,14% -6,14% -9,88% -19,96% 0,68% 148.384 9,13 20,16 10,22 10,29 2,70 4,25 2,69 2,70
Grupo Supervielle SUPV 47,9 0,42% -7,17% -18,26% -58,31% -24,33% 21.877 10,39 18,27 11,26 8,52 2,13 3,55 1,69 1,28
* 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 24, 2019
Fixed Income – ARS Sovereign
TC20
PR13TC21
TC23
TC25DIP0
DICP
PARP
A2M2
CUAP
9,0%
11,0%
13,0%
15,0%
17,0%
19,0%
21,0%
23,0%
25,0%
0 2 4 6 8 10 12
Duration
CER - Sovereign Yield Curve
TN20
TO21TO23 TO26
A2M2
0,0%
5,0%
10,0%
15,0%
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
AA22
PR15
AM20
3,5%
5,5%
7,5%
9,5%
11,5%
13,5%
15,5%
0 1 2
Duration
BADLAR - Sovereign Yield Curve
Variable Rate - BADLAR
Bonar 2020 AM20 102,10 0,10% 73,09% 58,75% 10,25% 0,59 7,17 01-Jun-19 01-Mar-20 Bullet Qtly. Badlar+325 100
Bocon 2022 PR15 153,00 -0,36% 78,05% 62,00% 13,50% 0,98 4,06 04-Jul-19 04-Oct-22 Qtly. Qtly. Badlar 100
Bonar 2022 AA22 96,80 -1,22% 66,92% 54,61% 6,11% 1,37 3,00 03-Jul-19 03-Apr-22 Bullet Qtly. Badlar+200 100
Variable Rate - REPO
ARGPOM 2020 TJ20 112 -0,27% 74,67% 59,79% -8,08% 0,72 6,26 21-Jun-19 22-Jun-20 Bullet Qtly. Mon. Pol. 100
Mixed Peso
ARGCER 2020 A2M2 141,00 -1,40% 23,34% 22,12% - 0,78 0,34 06-Mar-20 06-Mar-20 Bullet Mth. Fixed=4 100
FIXED RATE 2020 A2M2 141,00 -1,40% 37,65% 34,65% - 0,73 1,58 06-Mar-20 06-Mar-20 Bullet Sem. Fixed=19.21 100
Fixed Rate
FIXED RATE 2020 TN20 93,52 - 46,66% 42,21% - 0,99 11,12 21-May-19 21-Nov-20 Bullet Sem. Fixed=26 100
FIXED RATE 2021 TO21 82,00 - 31,85% 29,65% - 1,86 1,11 03-Oct-19 03-Oct-21 Bullet Sem. Fixed=18.20 100
FIXED RATE 2023 TO23 84,00 - 23,08% 21,88% - 3,06 0,36 17-Oct-19 17-Oct-23 Bullet Sem. Fixed=16,00 100
FIXED RATE 2026 TO26 74,25 - 24,24% 22,93% - 3,96 0,34 17-Oct-19 17-Oct-26 Bullet Sem. Fixed=15.50 100
BONCER 2020 TC20 174,85 23,22% 22,01% - 0,89 2,30 28-Apr-19 28-Apr-20 Bullet Sem. Fixed=2,25 100
BOCON 2024 PR13 445,86 -6,98% 12,65% 12,27% - 2,08 0,31 15-May-19 15-Mar-24 Sinkable Mth. Fixed=2 49,37
BONCER 2021 TC21 166,00 -4,30% 17,39% 16,69% - 2,00 1,43 22-Jul-19 22-Jul-21 Bullet Sem. Fixed=2,5 100
BONCER 2023 TC23 120,00 - 12,14% 11,79% - 3,35 0,85 06-Sep-19 06-Mar-23 Bullet Sem. Fixed=4 100
BONCER 2025 TC25 110,00 - 10,89% 10,61% - 4,85 2,97 27-Apr-19 27-Apr-25 Bullet Sem. Fixed=4 100
DISCOUNT $ 2033 DIP0 900,00 - 10,44% 10,18% - 6,45 22,15 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=5,83 100
DISCOUNT $ 2033 DICP 812,00 -4,47% 12,16% 11,81% - 6,18 22,15 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=5,83 100
PAR $ 2038 PARP 300,00 -3,23% 12,06% 11,72% - 10,28 1,15 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=1,77 100
CUASIPAR CUAP 470,00 1,08% 11,86% 11,53% - 9,78 13,75 30-Jun-19 31-Dec-45 Sinkable Sem. Fixed=3,31 100
BADLAR Avg. 48,50% CER Chg YoY 52,21% MP Rate 67,87%
Coupon (%)Acc.
InterestCpn. Freq
Daily
Var.Amort.
Next
PaymentTicker Price
Residual
(%)Bonds Maturity
Mod.
DurationYTM (Annual)
YTM
(Nominal)Spread
Inflation Linked - CER
Market Monitor - April 24, 2019
Fixed Income – US Dollar Sovereign
A2E3
AO20
AA21
AY24
A2E2
AA25
AA26
A2E7
DICA
DICY
AL28 AA37
AL36
PARA
PARY
AA46AC17
A2E8 AE48
9,0%
10,0%
11,0%
12,0%
13,0%
14,0%
15,0%
16,0%
17,0%
18,0%
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 3900 91,50 90,95 91,32 0,09% 90,98% 15,53% 15,69% 8,80% 1,31 0,38 8-Oct-19 8-Oct-20 Bullet Sem. Fixed=8 Arg 100 1 1.205
Global 2021 AA21 3707 89,00 87,65 87,70 -1,43% 87,65% 13,81% 14,69% 7,84% 1,78 0,06 22-Oct-19 22-Apr-21 Bullet Sem. Fixed=6,875 NY 100 150,000 4.500
Bonar 2024 AY24 3826 90,10 86,27 90,36 -1,01% 86,81% 16,89% 16,72% 10,14% 1,83 4,08 7-May-19 7-May-24 Sinkable Sem. Fixed=8,75 Arg 100 1 6.360
Global 2022 A2E2 3530 83,59 81,82 83,21 -1,38% 82,07% 14,01% 14,21% 6,87% 2,40 1,39 26-Jul-19 26-Jan-22 Bullet Sem. Fixed=5,625 NY 100 1,000 3.250
Global 2023 A2E3 3500 81,00 76,95 78,29 -1,07% 77,25% 11,81% 12,95% 6,01% 3,20 1,34 11-Jul-19 11-Jan-23 Bullet Sem. Fixed=4,625 NY 100 1000 1.750
Bonar 2025 AA25 2836 66,50 67,21 67,33 -1,59% 67,25% 16,41% 16,07% 8,55% 3,93 0,11 18-Oct-19 18-Apr-25 Sinkable Sem. Fixed=5,75 Arg 100 1,000 1.535
Global 2026 AA26 3300 81,50 78,67 78,73 -0,89% 78,68% 11,74% 12,46% 9,53% 5,11 0,06 22-Oct-19 22-Apr-26 Bullet Sem. Fixed=7,5 NY 100 150,000 6.500
Global 2027 A2E7 3280 77,00 75,67 77,37 -0,73% 76,08% 12,16% 12,06% 9,09% 5,48 1,70 26-Jul-19 26-Jan-27 Bullet Sem. Fixed=6,875 NY 100 1,000 3.750
Global 2028 A2E8 3280 73,50 71,95 73,65 -0,61% 72,42% 11,27% 11,24% 8,17% 6,16 1,70 11-Jul-19 11-Jan-28 Bullet Sem. Fixed=5,875 NY 100 1000 4.250
Global 2048 AE48 2975 73,00 70,43 72,41 -0,95% 71,00% 10,18% 10,27% 9,76% 9,72 1,99 11-Jul-19 11-Jan-48 Bullet Sem. Fixed=6,875 NY 100 1000 3.000
Discount 2033 ARL DIA0 4170 98,00 73,67 107,00 -0,36% 74,35% 15,40% 13,67% 11,24% 5,63 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 184
Discount 2033 USL DIY0 4800 112,00 75,93 110,16 -0,91% 76,55% 12,81% 13,12% 10,91% 5,71 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 1.817
Discount 2033 ARL DICA 4473 105,50 72,65 105,57 -0,02% 73,35% 13,95% 13,93% 11,40% 5,59 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 6.872
Discount 2033 USL DICY 4751 112,75 77,80 112,79 -0,86% 78,37% 12,69% 12,68% 10,64% 5,78 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 5.560
Global 2028 AL28 2325 99,01 73,59 75,59 -0,83% 74,11% 7,19% 11,62% 9,00% 6,18 2,01 6-Jul-19 6-Jul-28 Bullet Sem. Fixed=6,625 NY 100 150,000 1.000
Bonar 2037 AA37 2840 67,85 72,58 72,73 - 72,63% 12,53% 11,60% 10,50% 8,17 0,15 18-Oct-19 18-Apr-37 Sinkable Sem. Fixed=7,625 Arg 100 1,000 2.020
Global 2036 AL36 2107 81,13 72,97 75,13 -0,75% 73,54% 9,88% 10,83% 9,76% 8,37 2,16 6-Jul-19 6-Jul-36 Bullet Sem. Fixed=7,125 NY 100 150,000 1.750
PAR USD USL PAY0 2400 55,00 52,96 53,22 0,10% 53,08% 10,18% 10,54% 7,08% 9,46 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 NY 100 1 95
PAR USD ARL PAA0 2020 47,35 49,54 49,80 -0,37% 49,67% 11,89% 11,30% 7,57% 9,22 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 Arg 100 1 71
PAR USD ARL PARA 2150 50,80 50,25 50,51 -0,18% 50,38% 11,07% 11,14% 7,46% 9,28 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 Arg 100 1 1.246
PAR USD USL PARY 2325 55,45 54,86 55,12 -0,56% 54,98% 10,09% 10,15% 6,84% 9,58 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 NY 100 1 5.313
Global 2046 AA46 2741 75,50 74,35 74,41 -0,96% 74,36% 10,60% 10,77% 10,26% 9,43 0,06 22-Oct-19 22-Apr-46 Bullet Sem. Fixed=7,625 NY 100 150,000 2.750
Global 2117 AC17 3135 73,75 70,95 73,26 -1,01% 71,61% 10,21% 10,28% 10,04% 9,79 2,32 28-Jun-19 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
Yield
Mod.
Duration
AO20AA21
AY24
A2E2
AA25
AA26A2E7
DICA
DICY
AL28
AA37
AL36PARA
PARYAA46AC17
A2E8 AE48
A2E3
9,0%
10,0%
11,0%
12,0%
13,0%
14,0%
15,0%
16,0%
17,0%
18,0%
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 24, 2019
Fixed Income – US Dollar Sub-Sovereign
Price
ARS Clean Dirty
BS. AS. PAR 2020 BPMD 1440 95,72 48,83 -0,35% 13,37% 4,18% 0,47 0,97 1-May-19 1-May-20 Sinkable Sem. Fixed=4 NY 50,002 1 31,7
BS. AS. 2019 PBJ19 2652 100,11 102,18 0,21% 4,95% 5,74% 0,14 2,08 15-Jun-19 15-Jun-19 Bullet Sem. Fixed=5,75 NY 100 150,000 750,0
BS. AS. 2021 BP21 2710 94,77 64,98 -0,32% 16,20% 11,47% 1,09 1,79 26-Jul-19 26-Jan-21 Sinkable Sem. Fixed=10,875 NY 66,67 100,000 500,0
BS. AS. 2021 PBJ21 4115 90,65 94,41 -0,24% 17,48% 10,98% 1,36 3,76 9-Jun-19 9-Jun-21 Sinkable Sem. Fixed=9,95 NY 100 150,000 899,5
BS. AS. 2023 PBF23 - 78,79 80,05 -0,41% 16,97% 8,25% 2,32 1,26 15-Aug-19 15-Feb-23 Sinkable Sem. Fixed=6,5 NY 100 1,000 750,0
BS. AS. 2024 PBM24 3570 80,61 81,60 -0,50% 16,71% 11,32% 3,00 0,99 16-Sep-19 16-Mar-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 1.250,0
BS. AS. 2027 PBJ27 3382 70,72 73,56 -0,60% 15,16% 11,14% 4,74 2,84 15-Jun-19 15-Jun-27 Sinkable Sem. Fixed=7,875 NY 100 150,000 1.750,0
BS. AS. 2028 BP28 3394 76,04 76,22 -0,31% 15,40% 12,66% 5,03 0,19 18-Oct-19 18-Apr-28 Sinkable Sem. Fixed=9,625 NY 100 100,000 400,0
BS. AS. PAR 2035 BPLD 2500 58,19 59,97 - 13,05% 6,87% 5,38 1,78 15-May-19 15-May-35 Sinkable Sem. Fixed=4 NY 100 1 446,5
CITY OF BS. AS. BUEAIR 21 - 98,51 67,10 -0,25% 10,38% 9,09% 1,21 1,10 19-Aug-19 19-Feb-21 Sinkable Sem. Fixed=8,95 ENG 67 200,000 335,0
CITY OF BS. AS. BUEAIR 27 - 84,07 87,07 -0,53% 11,05% 8,92% 5,06 3,00 1-Jun-19 1-Jun-27 Sinkable Sem. Fixed=7,5 UK 100 200,000 890,0
JUJUYA 2022 JUS22 2810 71,03 71,87 0,08% 21,99% 12,14% 2,66 0,84 20-Sep-19 20-Sep-22 Bullet Sem. Fixed=8,625 NY 100 150,000 210,0
SANTA FE 2023 PROVSF23 - 83,92 84,54 - 13,42% 8,34% 2,87 0,62 23-Sep-19 23-Mar-23 Sinkable Sem. Fixed=7 NY 100 150,000 250,0
SANTA FE 2027 PROVSF27 - 75,07 78,41 -0,01% 12,40% 9,19% 5,20 3,34 1-May-19 1-Nov-27 Sinkable Sem. Fixed=6,9 NY 100 150,000 250,0
CÓRDOBA 2021 PDCAR21 3507 83,39 86,06 -0,68% 17,38% 8,54% 1,81 2,67 10-Jun-19 10-Jun-21 Bullet Sem. Fixed=7,125 NY 100 150,000 725,0
CÓRDOBA 2026 CO26 3290 78,08 77,33 0,27% 16,51% 9,12% 2,59 1,69 27-Apr-19 27-Oct-26 Sinkable Qtly. Fixed=7,125 ARG 96,875 1,000 290,6
CÓRDOBA 2024 CO24 3180 77,21 78,33 0,17% 14,01% 9,65% 4,09 1,12 1-Sep-19 1-Sep-24 Bullet Sem. Fixed=7,45 NY 100 150,000 510,0
CÓRDOBA 2027 PDCAR27 2185 70,84 72,50 -0,35% 13,38% 10,06% 5,56 1,66 1-Aug-19 1-Aug-27 Bullet Sem. Fixed=7,125 NY 100 150,000 450,0
MENDOZA 2024 PMY24 2425 79,50 83,13 -1,30% 15,98% 10,53% 3,06 3,63 19-May-19 19-May-24 Sinkable Sem. Fixed=8,375 NY 100 150,000 500,0
TRA. DEL FUEGO FUEGO27 3198 86,95 84,97 -0,45% 13,73% 10,29% 3,19 0,19 17-Jul-19 17-Apr-27 Sinkable Qtly. Fixed=8,95 NY 97,5 1,000 195,0
NEUQUÉN 2021 NRH2 531 98,70 28,18 0,04% 9,52% 7,98% 0,94 0,55 26-Apr-19 26-Apr-21 Sinkable Qtly. Fixed=7,875 NY 28 150,000 22,1
NEUQUÉN 2028 NDT11 1268 94,19 95,94 0,26% 10,55% 9,16% 3,71 1,75 12-May-19 12-May-28 Sinkable Qtly. Fixed=8,625 NY 100 150,000 348,7
NEUQUÉN 2025 NEU2025 - 78,38 82,09 -0,47% 14,09% 9,57% 3,72 3,71 27-Apr-19 27-Apr-25 Sinkable Sem. Fixed=7,5 NY 100 1,000 366,0
LA RIOJA 2025 RIF25 - 77,31 78,96 -0,80% 18,29% 12,61% 3,13 1,65 24-Aug-19 24-Feb-25 Sinkable Sem. Fixed=9,75 NY 100 150,000 300,0
RIO NEGRO 2025 RND25 2874 66,51 69,48 - 18,10% 11,65% 3,88 2,97 7-Jun-19 7-Dec-25 Sinkable Sem. Fixed=7,75 NY 100 150,000 300,0
CHACO 2024 CH24D 2140 70,92 72,67 - 20,73% 13,22% 3,09 1,74 18-Aug-19 18-Aug-24 Sinkable Sem. Fixed=9,375 NY 100 150,000 250,0
CHUBUT 2020 TUBA1 - 99,25 13,86 0,00% 9,16% 7,81% 0,65 0,07 1-Jul-19 1-Jul-20 Sinkable Qtly. Fixed=7,75 NY 13,89 10,000 14,4
CHUBUT 2023 PUY23 1896 94,54 77,89 0,14% 12,53% 9,39% 1,71 1,32 19-May-19 19-May-23 Sinkable Qtly. Fixed=8,875 NY 81 25,000 40,5
CHUBUT 2026 PUL26 3420 79,14 81,06 -0,07% 15,30% 9,79% 3,17 1,92 26-Apr-19 26-Jul-26 Sinkable Qtly. Fixed=7,75 NY 100 150,000 650,0
ENTRE RIOS 2025 ERF25 - 71,75 73,62 - 18,58% 12,20% 3,44 1,87 8-Aug-19 8-Feb-25 Sinkable Sem. Fixed=8,75 NY 100 150,000 500,0
SALTA 2022 SARH 0 98,03 34,99 -0,15% 11,39% 9,69% 1,32 0,36 16-Jun-19 16-Mar-22 Sinkable Qtly. Fixed=9,5 NY 35,32 150,000 65,3
SALTA 2024 SA24D 3420 77,78 80,52 -1,41% 17,44% 11,73% 3,10 2,74 7-Jul-19 7-Jul-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 350,0
Mod.
DurationTicker
YTM
(Annual)
Current
YieldDaily Var.
Sub-Sovereign US Dollar
Amount
O/S (in
Million)
Coupon (%)
Residual
Value
(%)
Bonds Amort. Cpn. Freq LawAcc.
Interest
Next
PaymentMaturity
Minimum
Piece
Market Monitor - April 24, 2019
Fixed Income – US Dollar Sub-Sovereign
PBF23
BPMD
BP21
PBJ27
BP28
BPLD
CO26
SA24D
BUEAIR 21 BUEAIR 27
PBJ21
NEU2025
PMY24
CO24
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%
24%
0 2 4 6 8Duration
US Dollar Sub-Sovereign Yield Curve
Buenos Aires Prov.
Buenos Aires City
PBF23
BPMD
BP21
PBJ27
BP28
BPLD
CO26
BUEAIR 21
BUEAIR 27
PBJ21
CO24
PBJ19
PBM24
PDCAR21
PDCAR27
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0 2 4 6 8
Duration
Dólar Provincial - Curva de Rendimientos
Buenos Aires Prov.
Buenos Aires City
PBF23
BPMD
BP21PBJ27 BP28
BPLD
CO26
SA24D
BUEAIR 21 BUEAIR 27
PBJ21
NEU2025
PMY24
CO24
PBM24
SARH
PUL26
TUBA1
CH24D
NRH2
PDCAR21
ERF25
PDCAR27
RIF25
PROVSF27
FUEGO27PUY23
NDT11
PROVSF23
JUS22
RND25
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
0 2 4 6 8Duration
Dólar Provincial - Curva de Rendimientos
Buenos Aires Prov.
Buenos Aires City
Market Monitor - April 24, 2019
Fixed Income - Dollar-Linked
PUO19BDC20
BD2C9
0%
0%
0%
1%
1%
1%
1%
1%
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 710 - 85,71% 0,06 17-May-19 17-May-19 Sem. Sem. 3,98 17 327
CABA Cl. 5 2019 BD2C9 1460 - 1,24% 0,41 20-Jun-19 20-Dec-19 Sem. Sem. 1,95 33 113
CABA Cl. 6 2020 BDC20 1460 2,82% 0,98% 0,52 28-Jul-19 28-Jan-20 Sem. Sem. 1,95 33 147
CHUBUT 2019 PUO19 549 1,65% 0,87% 0,37 21-Jul-19 21-Oct-19 Qtly. Qtly. 4,00 13 220
Dollar-Linked Sub-Sovereign
Residual
Value (%)
Amt. Issued
(USD MM)Cpn. Freq
Coupon
(%)Bonds Ticker Price
YTM
(Annual)
Mod.
Duration
Next
PaymentMaturity Amort.Daily Var.
Market Monitor - April 24, 2019
ROFEX US Dollar Future / Official Exchange Rate
52,0%
53,0%
54,0%
55,0%
56,0%
57,0%
58,0%
59,0%
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 42,38 -0,19% 0,02% -2,18% 0,76% 12,47% 109,28%
BCRA 42,38 -0,73% 0,63% -2,25% 1,42% 12,09% 109,33%
BNAB 41,40 -0,24% 0,00% -2,13% 1,47% 12,50% 107,00%
BNAG 42,20 -0,24% 0,02% -2,20% 1,44% 12,53% 109,33%
BALANZ 41,85 -0,36% 0,48% -2,45% 1,45% 12,80% -*BNAB = Re t a il Bid
*BALANZ Comprador Bid
*BNAG = Whole sa le Bid
Simple Compuesta
30/04/2019 42,870 1,11% 57,80% 77,68%
31/05/2019 44,810 5,68% 54,60% 70,06%
28/06/2019 46,780 10,33% 57,13% 72,23%
31/07/2019 49,050 15,68% 57,82% 71,11%
30/08/2019 51,000 20,28% 57,39% 68,63%
30/09/2019 53,200 25,47% 58,11% 67,81%
31/10/2019 55,200 30,19% 57,69% 65,56%
29/11/2019 57,200 34,91% 57,91% 64,34%
31/12/2019 59,250 39,74% 57,56% 62,36%
31/01/2020 61,250 44,46% 57,34% 60,70%
28/02/2020 63,250 49,17% 57,71% 59,90%
31/03/2020 65,300 54,01% 57,47% 58,33%
TC Oficial ARS 42,4
Vencimiento Precio Var. TCTasa Implícita
Market Monitor - April 24, 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
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
Feb
-19
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 1,80 USD 0,04 0,00% 15-Dec-35 ARS 24,60 13,7x Arg
USD GDP Warrant TVPA 127,00 USD 3,00 -2,24% 15-Dec-35 USD 29,97 10,0x Arg
USD GDP Warrant TVPY 137,00 USD 3,24 -0,40% 15-Dec-35 USD 29,97 9,3x NY
EUR GDP Warrant TVPE 175,00 EUR 3,67 -1,31% 15-Dec-35 EUR 31,01 8,4x UK
GDP Warrants
PriceResidualMaturity LawTicker
Residual /
PriceDaily Var.