Reports

Date Report Type
28/10/2020

Argentina Fixed Income Market

Argentine bonds continued to trade in very negative territory, with IRRs around 16% in the short end of the curve and showing an inverted slope. The context of a loss in confidence, added to BCRA' bond sales in the secondary market with the aim of narrowing the exchange gap continued to negatively impact the dollar curve. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
28/10/2020

Argentina Equity Market

Domestic stocks continued their positive trend, although at a much slower pace. This situation could be explained by the choice of investors in the search for a haven of value in the face of the continued domestic currency devaluation. In any case, the low level of valuation reflects political uncertainty and the strong deterioration in current economic activity.

Equity Weekly Report
21/10/2020

Argentina Fixed Income Market

Argentine bonds continued to trade in very negative territory, with negative returns in practically all trading rounds. This week’s series of new measures, -opposite those of the previous week- had little effect on the market. At the same time, BCRA reserves evolution is observed very carefully, deepening in what we believe is a very negative shock of confidence in the government by investors, deepened by the negative context of the pandemic. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
21/10/2020

Argentina Equity Market

Another postive week for stocks in an unfriendly scenario

Equity Weekly Report
16/10/2020

Argentina Fixed Income Market

Argentine bonds continued to operate in a very negative territory, with losses on practically all trading rounds. The measures of the last week hardened the exchange rate with a battery of regulations that generated a lot of nervousness in the market. At the same time, the evolution of BCRA reserves is observed very carefully, deepening in what we believe is a very negative shock of confidence in the government by investors, deepened by the negative context of the pandemic. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
16/10/2020

Argentina Equity Market

Although domestic stocks had a positive week, largely as a reflection of central and regional markets, the level of undervaluation reflects political uncertainty and the sharp deterioration in current economic activity.

Equity Weekly Report
07/10/2020

Argentina Fixed Income Market

Argentine bonds continued to trade in very negative territory, with losses on practically all trading rounds. Last week’s measures focused on the exchange rate with a battery of regulations that led to continued market nervousness. At the same time, the evolution of BCRA reserves is observed very carefully, deepening in what we believe is a very negative shock of confidence in the government by investors, deepened by the negative context of the pandemic. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
07/10/2020

Argentina Equity Market

An uncertain economic plan increases Market volatility

Equity Weekly Report
30/09/2020

Argentina Fixed Income Market

Argentine bonds continued to trade in very negative territory, with losses on practically all trading days last week. Recent measures hardened the exchange rate market with a series of regulations that generated a lot of nervousness in the market. At the same time, the evolution of BCRA reserves is observed very carefully, furthermore in a negative context fostered by the pandemic. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
30/09/2020

Argentina Equity Market

Domestic stocks still not included in the wish list

Equity Weekly Report
24/09/2020

Aluar 4Q19/20

Aluar disclosed lower than expected results led by negative financial result, lower aluminum price and demand, accentuated by the global pandemic.

Equity Report
23/09/2020

Argentina Fixed Income Market

Argentine bonds continued to trade in very negative territory, with losses on practically all trading days last week. Recent measures hardened the exchange rate market with a series of regulations that generated a lot of nervousness in the market. At the same time, the evolution of BCRA reserves is observed very carefully, furthermore in a negative context fostered by the pandemic. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
22/09/2020

Argentina Equity Market

The long-term outlook is still not clear due to the slump in economic activity in recent months and uncertain recovery. Companies with a high percentage of dollar denominated revenues, lower operating exposure to the domestic market and low debt levels would act as a hedge in the current scenario, while in case a better than expected recovery takes place, these could outperform the Merval index.

Equity Weekly Report
16/09/2020

Argentina Fixed Income Market

Lacking strong economic figures, the government is expected to act in order to improve prospects and confidence

Fixed Income Weekly
15/09/2020

Argentina Equity Market

San Miguel: Production recovery, logistics management and higher demand foretell positive results

Equity Weekly Report