Reports

Date Report Type
03/12/2019

Argentina Equity Market

Although 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 Market

Domestic 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 3Q19

Macro backdrop impacting on ADTV and AuC, risk-hedged investment portfolio stands out

Equity Report
28/11/2019

San Miguel 3Q19

Bad 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 3Q19

An adverse economic and political scenario is gradually feeding into the company’s earnings

Equity Report
26/11/2019

International Macroeconomic Perspectives

US: Activity surveys signaled improvements in manufacturing and services, amid advances in trade negotiations with China.

Macro Economy Weekly
26/11/2019

Argentina Macroeconomic Perspectives

Argentina: Exports trend upwards and the incoming government is expected to raise export duties

Macro Economy Weekly
26/11/2019

Argentina Equity Market

Although 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 Market

Domestic 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 Stance

In 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 Perspectives

US: 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 Perspectives

Argentina: 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 Market

Domestic 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 Market

Although 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 3Q19

Weak result, but almost all the bad news is priced Market Performer

Equity Report