Reports
| Date | Report | Type |
|---|---|---|
| 28/07/2020 | Argentina Equity MarketDespite an uncertain macroeconomic scenario, argentine stocks continue to offer attractive entry points |
Equity Weekly Report |
| 22/07/2020 | Argentina Fixed Income MarketAt the beginning of this week, a joint statement was released from the three major bondholders’ groups (Ad-Hoc, Exchange and ACC) rejecting the "final" proposal to exchange bonds with foreign law. Although in legal terms they accepted some proposals made by the government, in terms of present value the new counterproposal presented by the bondholders differs by approximately USD 3 compared to the last Argentina offer. In several public statements, Guzmán again expressed that the offer made was the last and that it is the greatest effort the country could make. If these 3 groups of bondholders finally reject the proposal, the swap runs the risk of not being carried out due to their high holding percentages and the minimum participation threshold that was incorporated in the amended prospectus. We are cautious about the government's ability to negotiate with these groups, but we also believe that the distance that separates the 2 offers is relatively small to end in a total breakdown of negotiations and taking into account their level of progress. |
Fixed Income Weekly |
| 21/07/2020 | Argentina Equity MarketUncertainty regarding sovereign debt restructuring still reflects attractive valuations |
Equity Weekly Report |
| 15/07/2020 | Argentina Fixed Income MarketThe final the sovereign debt swap proposal was disclosed. Initial analyses indicate that there was a strong improvement with respect to the initial offer, many the results of negotiations with bondholders groups. Although the present value of the offer is very close to creditor’s requests, prospectus presented to the SEC continues to maintain some controversies such as the redesignation of series. The positive side is that it was accepted that bondholders of the previous swap can keep the 2005 contract in the new bonds. Although some smaller funds (Gramercy, Fintech) have already made public their support for the proposal, the largest groups (Ad-Hoc and Exchange) answer was initially negative and we understand that the acceptance of these groups will depend on the success or not of the exchange. |
Fixed Income Weekly |
| 14/07/2020 | Argentina Equity MarketGrupo Financiero Valores: Fairly priced, mainly depending on economic recovery |
Equity Weekly Report |
| 08/07/2020 | Argentina Fixed Income MarketFinally, the final proposal for the sovereign debt exchange was disclosed. Our first analysis indicates that there was a strong improvement compared to the initial offer, mostly as a result of negotiations with bondholders groups. Although in present value the offer is close to creditors’ requests, the prospectus filed at the SEC continues to maintain some controversies such as the redesignation of series. The positive side is that it was accepted that bondholders of the previous swap may keep the 2005 contract in the new bonds. Although some smaller funds (Gramercy, Fintech) have already made public their support for the proposal, it remains to be seen the position of the larger funds of the Ad-Hoc committee, which have just disclosed that small improvements should be included, indicating that the final offer was not consensual. |
Fixed Income Weekly |
| 07/07/2020 | Argentina Equity MarketArgentine stocks start to look attractive as the sovereign debt restructuring negotiation approaches to an agreement |
Equity Weekly Report |
| 01/07/2020 | Argentina Fixed Income MarketDuring last week there were no major news regarding the debt exchange. Although the latest proposals note a small difference in present value (approximately USD 5-7) between the bondholders' proposals and the official offer, the discrepancy seems to be on the contractual and legal side. Argentina wants to issue the bonds under the 2016 indenture, while certain groups seek all or part of the issue under the 2005 one, with broader legal clauses and greater protection for the creditor. On the other hand, there would also appear to be discrepancies between contingent coupons and current interest payments. |
Fixed Income Weekly |
| 01/07/2020 | Argentina Equity MarketDomestic stocks are still following an uncertain path, influenced by the developed markets’ volatile performance and the potential disclosure of a new sovereign debt restructuring offer, to avoid a “hard” default. |
Equity Weekly Report |
| 24/06/2020 | Fixed Income MarketIn harsh cross-statements, the government and the various groups of bondholders appear to have frozen the debt exchange negotiations. Although the latest proposals show a small difference in present value (approximately USD 5-7) between the bondholders' proposals and the official offering, the discrepancy seems to be on the contractual side. Argentina wants to issue the bonds under the 2016 indenture, while certain groups seek all or part of the issue under the 2005 one, with broader legal clauses and greater protection for the creditor. On the other hand, there would also appear to be discrepancies between contingent coupons and current interest payments. |
Fixed Income Weekly |
| 23/06/2020 | Argentina Equity MarketMercado Libre (MELI) and defensive stocks would continue to outstand amid macro uncertainty |
Equity Weekly Report |
| 22/06/2020 | San Miguel 1Q20The COVID-19 did not damage the company´s logistics and a larger sales window is expected in the northern hemisphere with more favorable prices than in 2019, in addition to greater demand for products due to change in habits. Grape sales more than doubled from a year ago. The level of debt is within an adequate level for the normal course of the business. We keep the rating of Outperformer. |
Equity Report |
| 17/06/2020 | Argentina Equity MarketSan Miguel (SAMI) and Ternium Argentina (TXAR): attractive valuation and positive outlook, amid macro uncertainty |
Equity Weekly Report |
| 10/06/2020 | BBVA Banco Frances Argentina 1Q201Q20 came with weak results, with lower loan and securities income, and a stagnant credit market. |
Equity Report |
| 10/06/2020 | Argentina Fixed IncomeMendoza Province Restructuring Process |
Fixed Income Report |