Presentación de PowerPoint · Market Monitor - April 9, 2019 Equity Monitor 1D 1W 1M 1Y YTD 2016...

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


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

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 (%)


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


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


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 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 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


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)


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


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.


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


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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