Reports
| Date | Report | Type |
|---|---|---|
| 24/09/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios. In case the debt restructuring process ends with a better than expected result (such as a maturity extension without haircuts), domestic bonds prices would be offering attractive entry points. |
Fixed Income Weekly |
| 23/09/2019 | Banco de Valores 2Q19 (VALO)Grupo Financiero Valores (BYMA:VALO) achieved a quarterly profit of ARS 481.5 million (+161% y/y), in a context of high interest rates, a drop in the number of corporate issues and a weak peso. |
Equity Full Report |
| 20/09/2019 | Telecom 2Q19Quarterly sales fell 14.0% in real terms from a year ago, in line with our projections, which contemplate recessionary conditions until the third quarter of the year. |
Equity Full Report |
| 19/09/2019 | Pampa Energía 2Q19Pampa: Latest economic measures brought huge uncertainty |
Equity Full Report |
| 18/09/2019 | YPF 2Q 2019The unexpected defeat of the ruling party (Juntos por el Cambio) in the primary elections hit deeply in investor’s confidence due to a dramatically changed economic outlook towards 2020. |
Equity Full Report |
| 17/09/2019 | Argentina Equity MarketFollowing Lecaps and Letes maturities extensions, and FX controls, domestic securities slumped reflecting significantly weaker economic conditions. We suggest reducing exposure to argentine banks, however they trade at book value, an indication of the severe sell off, and utility companies, due to higher regulatory risk and possible tariff freezing. 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 |
| 16/09/2019 | Argentina Fixed Income MarketAfter the Government’s disclosure about Argentine bonds maturities extension plan, we estimate that the final project would be more aggressive than the original one. This scenario would imply in potential principal and or coupons haircuts, of capitalized coupons, such as Discount bonds. We do not consider attractive to increase exposure to Argentine securities. |
Fixed Income Weekly |
| 16/09/2019 | International Macroeconomic PerspectivesUS: Ahead of planned trade talks with China and Fed rate decision, President Trump delayed for two weeks a scheduled increase in tariffs on USD 250b Chinese imports. |
Macro Economy Weekly |
| 16/09/2019 | Argentina Macroeconomic PerspectivesArgentina: Inflation surged 4% in August, mainly due to the peso depreciation following Primary elections |
Macro Economy Weekly |
| 16/09/2019 | Edenor 2Q19Edenor (EDN): Huge uncertainty ahead. Market Under Performer. |
Equity Report |
| 12/09/2019 | TGS 2Q 19TGS: Buy, despite political turmoil. Huge long term value. |
Equity Report |
| 11/09/2019 | Argentina Equity MarketFollowing Lecaps and Letes maturities extensions, and FX controls, domestic securities slumped reflecting significantly weaker economic conditions. We suggest reducing exposure to argentine banks, however they trade at book value, an indication of the severe sell off, and utility companies, due to higher regulatory risk and possible tariff freezing. 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 |
| 10/09/2019 | International Macroeconomic PerspectivesUS: Mixed labor report and weakening manufacturing activity further back a rate cut during next week´s meeting. |
Macro Economy Weekly |
| 10/09/2019 | Argentina Macroeconomic PerspectivesArgentina: Recent FX regulations stabilized the exchange rate, however attention has turned to the outflow of US dollar deposits |
Macro Economy Weekly |
| 09/09/2019 | Argentina Fixed Income MarketAfter the Government’s disclosure about Argentine bonds maturities extension plan, we estimate that the final project would be more aggressive than the original one. This scenario would imply in potential principal and or coupons haircuts, of capitalized coupons, such as Discount bonds. We do not consider attractive to increase exposure to Argentine securities. |
Fixed Income Weekly |