BBVA issued AR$ 1.9 billion in 6 months Badlar linked bonds, with a 4% premium.
In his first speech as the new President, Alberto Fernandez said that the Treasury’s will is to repay debt, but the previous condition is to achieve economic growth, as the current debt repayment capacity is very limited an “in virtual default”. In addition, he will work with the IMF to build a constructive relation.
Pan American will issue AR$ 2 billion of 6 months pesos denominated floating bonds. Offers can be placed from 10AM to 4PM of Thursday, December 5th, 2019.
The President of the United States announced that he will restore tariffs on steel (25%) and aluminum (10%) imports from Argentina and Brazil due to the strong devaluation suffered by their currencies.
Celulosa Argentina issued USD 58.5 million of 2025 dollar denominated bonds, with a 10% coupon, rolling over USD 54 million of a dollar denominated bond maturing in 2 weeks.
TGS disclosed a share repurchase program for a total amount of AR$ 4 billion. The company will pay a maximum of AR$ 130 per share.
CPI hiked 3.3% in October (50.5% YoY), reaching 42.2% YTD.
Beats Q3 expectations but macro backdrop shades future performance
MSCI eliminated BBVA, Pampa and TGS from Argentina Index. The most affected was TGS, having the worst performance of the day.
Economic news: The Central Bank issued AR$ 143 billion in Leliqs, at an average rate of 64%. Maturities reached AR$ 143 billion. The IMF spokesman, Gerry Rice, said that they are ready to engage with president-elect Alberto Fernandez and his team to help address Argentina’s economic challenges.