Reports
| Date | Report | Type |
|---|---|---|
| 03/12/2019 | Argentina Equity MarketAlthough the president elect will officially disclose his Cabinet by the end of the week, uncertainty is still reflected in the domestic market, pricing significantly weak economic conditions. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |
| 02/12/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios, as the Treasury does not have the necessary liquidity to meet future payments. Current prices are discounting a very aggressive restructuring process, with haircuts of up to 40%, while we consider that such a scenario would not be feasible due to the Government’s need to return to international markets. |
Fixed Income Weekly |
| 29/11/2019 | BYMA 3Q19Macro backdrop impacting on ADTV and AuC, risk-hedged investment portfolio stands out |
Equity Report |
| 28/11/2019 | San Miguel 3Q19Bad weather conditions in Argentina and lower international prices were culprits for below target revenues. However, prospects remain positive for the last quarter as grape season from Peru starts. Additionally, indebtedness levels continue within historic figures, and being an export-oriented company advantages remain despite export duties. |
Equity Report |
| 27/11/2019 | Loma Negra 3Q19An adverse economic and political scenario is gradually feeding into the company’s earnings |
Equity Report |
| 26/11/2019 | International Macroeconomic PerspectivesUS: Activity surveys signaled improvements in manufacturing and services, amid advances in trade negotiations with China. |
Macro Economy Weekly |
| 26/11/2019 | Argentina Macroeconomic PerspectivesArgentina: Exports trend upwards and the incoming government is expected to raise export duties |
Macro Economy Weekly |
| 26/11/2019 | Argentina Equity MarketAlthough the new cabinet positions are starting to be disclosed off the record, and there are no big surprises, uncertainty is still reflected in the domestic market, pricing significantly weak economic conditions. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |
| 25/11/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios, as the Treasury does not have the necessary liquidity to meet future payments. Current prices are discounting a very aggressive restructuring process, with haircuts of up to 40%, while we consider that such a scenario would not be feasible due to the necessity the Government has to return to international markets. |
Fixed Income Weekly |
| 21/11/2019 | Argentine Provinces – Fiscal and Financial StanceIn the past four years, mainly in 2016 and 2017, many Argentine provinces returned to the international debt market, issuing bonds for close to USD 14 billion. |
Fixed Income Report |
| 20/11/2019 | International Macroeconomic PerspectivesUS: Investors fear that a first phase agreement with China would not be reached reversed long-term bond yields, which fell nearly 20bps in the past week. |
Macro Economy Weekly |
| 20/11/2019 | Argentina Macroeconomic PerspectivesArgentina: Lower than expected inflation in October due to VAT exemptions and no public services tariff adjustments |
Macro Economy Weekly |
| 20/11/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios. However, 2019 debt payments would be covered by part of the IMF loan specifically earmarked for reserve strengthening, which also implies that the Treasury does not have the necessary liquidity to meet future payments. |
Fixed Income Weekly |
| 20/11/2019 | Argentina Equity MarketAlthough the new cabinet positions are starting to be disclosed off the record, and there are no big surprises, uncertainty is still reflected in the domestic market, which are pricing significantly weak economic conditions. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |
| 13/11/2019 | Edenor 3Q19Weak result, but almost all the bad news is priced Market Performer |
Equity Report |