Reports

Date Report Type
24/08/2020

Supevielle 2Q 2020

Income generation and EPS improve in 2Q20

Macro Economy Report
20/08/2020

Argentina Fixed Income Market

The government disclosed the final details of the international and Argentine law restructurings, which have a settlement date as at September 4th. Even after having the swap practically closed, at least with the large groups of bondholders, it is striking that bonds continue to trade at an implicit rate of 12% and with an inverted curve.We estimate that this is a consequence of investors' lack of confidence in the government, deepened by the negative context of the pandemic. We believe that in order to maintain a sustainable path toward a low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.

Fixed Income Weekly
20/08/2020

Holcim 2Q20

Following the severe impact of the lockdown after 24 months of a long recession, a slow opening of activities allowed for a certain improvement at the end of the quarter.

Equity Report
19/08/2020

Argentina Equity Market

Ternium Argentina: Better than expected results strengthen its positive outlook

Equity Report
18/08/2020

Pampa Energia 2Q20

Tough quarter, more uncertainty ahead

Equity Report
14/08/2020

Transener 2Q20

Cheapest play in energy sector if you rule out expropriation

Equity Report
14/08/2020

TGS 2Q 2020

The worst quarter is here but future remains uncertain

Equity Report
13/08/2020

Loma Negra 2Q20

Despite being strongly affected by the lockdown, Loma Negra improved EBITDA margin driven by sound cost measures recently taken.

Equity Report
12/08/2020

Argentina Fixed Income Market

Finally, the government and bondholders reached an agreement on the international law debt exchange at an NPV of around USD 54.8. The agreement comes after an improvement in both, economic terms and an Argentine commitment to improve the contract’s legal terms.

Fixed Income Weekly
11/08/2020

Argentina Equity Market

​​​​​​​The favorable resolution of the sovereign debt restructuring would be an important short-term driver for Argentine stocks prices. However, the long-term outlook is still not clear due to the slump in economic activity 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 of a better than expected recovery, could outperform the Merval index.

Equity Weekly Report
07/08/2020

Ternium 2Q20

In spite of a 20% fall in sales, 2Q ends slightly negative

Equity Report
05/08/2020

Argentina Fixed Income Market

Agreement met on the foreign law debt exchange.

Fixed Income Weekly
04/08/2020

Argentina Equity Market

Foreign debt settlement, first step for a solid recovery

Equity Weekly Report
30/07/2020

Argentine Banking Industry

Lower level of activity and Leliq yields hurt the industry’s earnings. The financial intermediation business continued to lose weight; securities’ income starts to recede.

Equity Report
30/07/2020

Argentina Fixed Income Market

At 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 three 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 two offers is relatively small to end in a total breakdown of negotiations and taking into account their level of progress.

Fixed Income Weekly