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Market Monitor - April 24, 2019

Market Monitor

April 24, 2019


Balanz - Fondos Comunes de Inversión

FCI Last PriceDaily Var.

(%)MoM Var. (%) YoY Var. (%) YTD (%)

Var. 2018

(%)

Var. 2017

(%)

Var. 2016

(%)

Var. 2015

(%)

Var. 2014

(%)

Var. 2013

(%)

Ahorro FCI Clase A 5,363942 0,11% 3,32% 50,03% 13,78% 42,44% 26,13% 34,16% 28,67% 27,29% 19,43%

Ahorro FCI Clase B 5,269795 0,11% 3,37% 50,91% 13,99% 43,29% 25,92% 33,36% 27,90% 26,52% 18,73%

Renta Fija FCI Clase A 7,774152 -1,10% -1,58% 51,39% 10,17% 47,23% 18,33% 32,18% 32,02% 27,08% 42,35%

Renta Fija FCI Clase B 8,07422 -1,10% -1,52% 52,54% 10,42% 48,34% 19,22% 33,17% 33,01% 27,79% 42,35%

Invertir Global FCI Clase A 11,538079 -1,00% -2,96% 45,70% 11,38% 40,71% 26,86% 36,57% 47,10% 38,84% 39,83%

Invertir Global FCI Clase B 11,715440 -1,00% -2,94% 46,00% 11,46% 40,99% 27,17% 36,91% 47,42% 39,13% 39,88%

Subsoberano FCI Clase A 2,342916 -0,53% -1,26% 42,39% 10,17% 39,79% 24,59% - - - -

Subsoberano FCI Clase B 2,369419 -0,53% -1,16% 44,20% 10,60% 41,57% 24,55% - - - -

Renta Fija Estrategica FCI Clase A 2,07657 -0,97% -1,59% 39,25% 11,11% 35,72% 23,95% - - - -

Renta Fija Estrategica FCI Clase B 2,054588 -0,97% -1,55% 38,78% 11,11% 35,05% 23,33% - - - -

Acciones Argentinas FCI Clase A 2,111185 0,01% -9,54% -6,89% -4,21% 4,01% 77,13% - - - -

Acciones Argentinas FCI Clase B 2,085576 0,01% -9,50% -6,84% -4,06% 3,75% 75,78% - - - -

Renta Fija en Dólares FCI Clase A 0,984542 0,20% -2,16% -8,04% 1,01% -8,59% - - - - -

Renta Fija en Dólares FCI Clase B 0,988613 0,20% -2,14% -7,86% 1,08% -8,41% - - - - -

Ahorro En Dólares FCI Clase B 1,038548 0,00% 0,17% 2,64% 0,48% 2,83% -

Ahorro En Dólares FCI Clase C 1,038877 0,00% 0,17% 2,67% 0,48% 2,83% -

Sudamericano En Dólares Clase A 0,905362 0,02% -0,02% -10,90% 0,50% -10,95%

Balanz Institucional Clase A 1,573709 0,13% 3,24% 43,76% 13,45% 36,49% - - - - -

Balanz Institucional Clase C 1,575313 0,13% 3,33% 45,27% 13,82% 8,13% - - - - -

Balanz Multimercado II Clase A 1,271742 0,12% 3,69% - 12,13% - - - - - -

Balanz Multimercado II Clase C 1,273829 0,12% 3,75% - 12,35% - - - - - -

Balanz Capital - Multimercado II

Balanz Capital - Ahorro

Balanz Capital - Renta Fija (Corporate Debt)

Balanz Capital - Invertir Global

Balanz Capital - Subsoberano

Balanz Capital - Renta Fija Estrategica

Balanz Capital - Acciones Argentinas

Balanz Capital - Renta Fija en Dólares

Balanz Capital - Ahorro en Dólares

Balanz Capital - Sudamericano en Dólares

Balanz Capital - Institucional


0,00

2,00

4,00

6,00

8,00

10,00

12,00

14,00

Ap

r-17

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Balanz Invertir Global

1,60

2,60

3,60

4,60

5,60

6,60

7,60

8,60

Ap

r-17

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Balanz Renta Fija - Corporate Debt

1,00

1,50

2,00

2,50

3,00

3,50

4,00

4,50

5,00

5,50

6,00

Ap

r-17

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Balanz Ahorro

1,00

1,20

1,40

1,60

1,80

2,00

2,20

2,40

2,60

Ap

r-17

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Balanz Renta Fija Plus - Sub-Sovereign

1,00

1,20

1,40

1,60

1,80

2,00

2,20

2,40

2,60

2,80

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-19

Balanz Acciones Argentina

0,83

0,88

0,93

0,98

1,03

1,08

1,13

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Fe

b-1

8

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Fe

b-1

9

Mar

-19

Ap

r-1

9

Renta Fija En Dólares

Balanz - Fondos Comunes de Inversión

1,024

1,026

1,028

1,030

1,032

1,034

1,036

1,038

1,040

oct

-18

no

v-18

dic

-18

ene-

19

feb

-19

mar

-19

Ahorro En Dólares

0,89

0,89

0,89

0,90

0,90

0,90

0,90

0,90

0,91

0,91

0,91

oct

-18

no

v-18

dic

-18

ene-

19

feb

-19

mar

-19

Sudamericano En Dólares


Market Monitor

4000

9000

14000

19000

24000

29000

34000

39000

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

Mar-19

Merval Argentina

2,2

2,3

2,4

2,5

2,6

2,7

2,8

2,9

3,0

0 5 10 15 20 25 30

(%)

Years

US Treasury Yield Curve

1.700

1.900

2.100

2.300

2.500

2.700

2.900

3.100

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-19

S&P 500

Yield (%) Var 1D (bps) MTD (bps) Var 1M (bps) Var 1Y (bps) YTD (bps)

1m 2,41 -1,04 -1,07 -3,21 +75,93 -1,14

3m 2,43 +0,50 +4,68 -1,47 +57,89 +7,28

6m 2,45 -0,26 +2,66 -1,50 +41,87 -2,61

1y 2,42 -0,21 +3,73 -1,67 +21,65 -17,13

2y 2,32 -4,01 +6,38 +0,72 -15,08 -16,40

3y 2,29 -4,10 +8,64 +4,98 -34,24 -16,54

5y 2,32 -4,23 +8,40 +7,51 -50,90 -19,41

7y 2,41 -4,21 +10,16 +7,94 -53,87 -17,09

10y 2,53 -3,61 +12,39 +8,99 -47,06 -15,53

30y 2,95 -2,69 +13,88 +7,92 -22,94 -6,14

US Treasury Yields

EUA

S&P 500 2933,68 0,88% 4,75% 17,03%

NASDAQ 8120,82 1,32% 6,26% 22,39%

DOW JONES 26656,39 0,55% 4,53% 14,27%

EUROPA

FTSE 100 7482,32 -0,54% 3,81% 11,21%

EUROSTOXX 50 3502,86 -0,03% 5,96% 16,71%

DAX 12315,87 0,66% 8,37% 16,64%

CAC 40 5572,75 -0,34% 5,75% 17,80%

ASIA

JAPÓN 22200 -0,27% 2,65% 10,92%

CHINA 3201,61 0,09% 3,14% 28,38%

LATAM

BRASIL 95923,24 1,41% 2,33% 9,14%

MEXICO 45148,32 -0,51% 6,75% 8,42%

CHILE 5217,069 -1,78% 0,14% 2,19%

MERVAL 30926,73 0,46% -5,79% 2,09%

PETROLEO WTI 66,24 -0,09% 11,72% 41,15%

BRENT 74,50 -0,01% 11,14% 38,48%

GAS NATURAL 2,48 1,14% -9,81% -15,54%

COBRE 290,60 0,43% 2,47% 10,45%

ORO 1272,31 -0,01% -3,75% -0,79%

PLATA 14,86 0,13% -4,35% -4,08%

SOJA 317,53 0,26% -4,37% -2,07%

TRIGO 163,03 -0,28% -5,74% -14,42%

MAIZ 141,83 0,00% -7,03% -7,81%

Euro 1,12 -0,20% -0,95% -2,28%

Libra Esterlina 1,30 0,11% -1,84% 1,55%

Yen 111,81 -0,04% 1,69% 2,01%

Franco Suizo 1,02 -0,16% 2,62% 3,75%

Dólar Australiano 0,70 -0,93% -1,07% -0,18%

Yuan 6,72 -0,11% 0,13% -2,33%

Peso Chileno 668,75 0,18% -1,56% -3,59%

Peso Mexicano 18,95 0,23% -0,38% -3,56%

Real Brasileño 3,93 0,31% 2,01% 1,30%

Peso Argentino 42,41 0,00% 0,85% 12,71%

FX

COMMODITIES

INDEX

Last Daily Var.

(%)

MoM Var.

(%)YTD (%)


Equity Monitor

1D 1W 1M 1Y YTD 2016 2017 2018 LTM 2016 2017 2018 LTM 2016 2017 2018 LTM

Merval 30927 0,46% -4,22% -9,53% -0,05% 2,09%

Agro MM ARS

San Miguel SAMI 75 1,35% -2,47% -17,31% -22,68% -21,47% 5.336 12.525 32,91 49,95 -8,09 5,55 3,47 1,98 10,47 214,73 -80,25

Agro Supplier

Agrometal AGRO 12,7 2,01% 10,43% 5,83% -20,87% 5,83% 953 1.263 25,46 26,81 46,40 8,63 8,19 4,30 12,77 15,16 10,11

Construction

Holcim Argentina HARG 75,5 0,67% 0,67% 4,86% -27,74% 29,06% 26.580 26.984 29,08 25,02 21,42 7,46 31,78 19,50 10,71 14,15 12,91

Loma Negra LOMA 96,5 -1,03% -4,46% 0,00% 10,67% 19,88% 57.514 61.949 14,50 26,65 31,95 3,87 3,16 3,79 8,63 7,36 8,70

Highway

Autopistas del Oeste OEST 36,65 0,00% -0,95% -7,22% 27,42% 4,71% 5.864 4.247 16,04 13,73 0,66 9,64 12,26 0,65 8,04 7,62 4,65

Autopistas del Sol AUSO 106 0,71% -0,93% -10,92% -0,39% -11,56% 9.369 8.476 14,23 19,72 0,56 8,89 27,89 0,56 6,12 12,35 8,92

Holding

Cresud CRES 42,3 -1,51% -7,54% -17,30% 4,54% -5,79% 21.023 350.823 5,20 2,93 1,05 0,77 18,49 30,74

Metals

Aluar ALUA 14,8 0,34% -1,99% -11,11% 4,70% -14,45% 41.440 53.600 13,84 14,11 8,64 7,39 2,94 4,39 2,17 1,86 7,35 8,10 7,85 5,08

Terniun Argentina TXAR 12,2 -0,41% -6,15% -11,83% -16,71% -3,14% 55.109 58.780 10,89 11,41 7,25 4,49 1,40 0,86 0,61 0,57 8,37 10,52 4,50 4,18

Tenaris * TS 641,15 0,21% 1,14% 8,68% 67,97% 56,15% 17.844 17.559 34,52 14,36 20,37 1,85 1,64 1,07 1,51 33,31 19,48 8,02 11,45

Oil & Gas

YPF YPFD 629,4 2,34% -1,37% 6,05% 37,72% 25,34% 247.551 528.817 -3,56 13,42 4,80 6,01 0,85 1,09 0,55 0,69 4,22 4,82 4,05 4,47

Petroleo Brasilero * APBR 337,15 1,17% 2,24% -3,34% 137,03% 35,05% 103.052 177.203 -14,04 -738,33 20,88 0,88 0,84 1,42 5,56 4,91 4,95

Other

ByMA BYMA 291 -0,85% -1,19% -9,36% -23,45% -21,79% 22.189 5.754 23,12 8,46 6,51 5,51 3,10 2,38 45,36 5,71 2,65

Mirgor MIRG 264,5 0,57% -4,51% -15,22% -56,78% -25,60% 4.761 4.566 8,58 10,39 6,53 3,03 3,64 1,91 4,37 4,58 1,31

Real Estate

IRSA IRSA 42 0,12% -5,62% -17,65% -9,48% -12,59% 24.304 312.146 3,88 1,02 1,03 0,48 20,74 37,96

Telecomunications

Cablevision Holding CVH 192,75 -2,28% -10,35% -16,92% -53,83% -19,17% 34.819 162.890 108,82 -7,95 11,21 0,83 11,05 5,46

Telecom Argentina TECO2 121,5 -0,41% -3,80% -3,57% -1,10% 2,10% 261.673 335.950 48,41 49,43 1,14 1,16 5,86 5,96

Utilities

Pampa Energia PAMP 39,85 -0,37% -5,57% -21,56% -12,80% -14,76% 78.066 150.613 -3.472,00 7,51 16,63 14,18 3,86 1,71 1,78 1,52 14,21 7,25 4,45 4,09

Central Puerto CEPU 35,3 0,86% -4,59% -10,75% 11,05% 6,01% 53.151 60.118 18,39 13,70 2,86 3,03 6,32 6,61 1,54 1,64 17,60 11,40 8,94 7,63

Central Costanera CECO2 6,23 1,30% -5,18% -26,71% -55,66% -24,39% 4.373 5.742 63,59 16,91 2,00 1,51 11,69 4,33 1,05 0,79 9,24 7,10 1,82 1,46

Transp. Gas del Norte TGNO4 52 0,39% 1,96% -23,30% -16,21% -8,05% 22.847 26.072 -23,26 15,01 6,68 6,14 107,75 1,44 0,85 0,79 21,10 13,03 3,63 3,37

Transp. Gas del Sur TGSU2 96,5 3,37% -0,82% -9,72% 42,86% -3,67% 76.081 80.028 25,27 10,92 7,57 6,66 9,31 2,49 2,79 2,46 9,99 7,43 5,20 4,61

Metrogas METR 18,1 0,56% -0,55% -23,31% -60,18% -31,70% 10.302 17.961 -11,82 33,14 -1.758,62 -5,15 2,85 1,13 0,77 14,76 17,31 4,28 3,38

Edenor EDN 38,3 2,13% 2,54% -22,78% -31,36% -24,83% 34.717 38.369 -8,11 60,79 10,56 7,94 51,86 39,09 1,49 1,12 -13,52 14,61 7,67 5,90

Transener TRAN 39,8 1,02% 0,00% -20,08% -23,92% -11,65% 17.698 17.234 -88,49 5,26 6,56 5,79 11,18 2,10 1,81 1,60 36,58 3,32 3,27 2,88

Dist. Gas Cuyana DGCU2 25 -4,21% -12,28% -32,07% -54,75% -34,64% 5.059 4.782 20,73 8,66 6,46 4,22 4,69 2,02 1,67 1,09 34,05 8,83 3,43 2,20

Camuzzi Gas Pampeana CGPA2 21 0,24% -7,08% -27,84% -64,31% -30,81% 6.999 6.607 -16,92 16,49 3,59 1,08 6,97 6,60 1,82 1,26 -14,35 21,34 4,35 2,96

1D 1W 1M 1Y YTD 2016 2017 2018 LTM 2016 2017 2018 LTM

Banks

Banco Macro BMA 199,7 -1,11% -4,90% -4,88% -5,35% 21,81% 129.446 8,85 14,26 6,88 8,38 2,62 3,04 1,92 2,37

Banco Frances FRAN 124,05 0,69% -7,43% -13,40% -18,42% -11,87% 76.000 20,85 19,86 8,97 7,91 2,44 3,10 2,24 1,97

Banco Hipotecario BHIP 11,2 2,28% -5,88% -11,23% -33,75% -3,30% 16.800 14,95 12,71 8,04 1,52 2,47 1,81

GF Galicia GGAL 104 0,14% -6,14% -9,88% -19,96% 0,68% 148.384 9,13 20,16 10,22 10,29 2,70 4,25 2,69 2,70

Grupo Supervielle SUPV 47,9 0,42% -7,17% -18,26% -58,31% -24,33% 21.877 10,39 18,27 11,26 8,52 2,13 3,55 1,69 1,28

* P/E , P/BV , EV/EBITDA in blank due to negative results or lack of data

* TS & APBR: RATIOS, Market Cap and EV are calculated in USD

EVEV/EBITDAP/E P/BV

Sector TickerP/BVP/EPrice

Close

Market

Cap

Market

CapSector Ticker

Price

Close


Fixed Income – ARS Sovereign

TC20

PR13TC21

TC23

TC25DIP0

DICP

PARP

A2M2

CUAP

9,0%

11,0%

13,0%

15,0%

17,0%

19,0%

21,0%

23,0%

25,0%

0 2 4 6 8 10 12

Duration

CER - Sovereign Yield Curve

TN20

TO21TO23 TO26

A2M2

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

45,0%

50,0%

0 1 2 3 4 5

Duration

Fixed Rate - Sovereign Yield Curve

AA22

PR15

AM20

3,5%

5,5%

7,5%

9,5%

11,5%

13,5%

15,5%

0 1 2

Duration

BADLAR - Sovereign Yield Curve

Variable Rate - BADLAR

Bonar 2020 AM20 102,10 0,10% 73,09% 58,75% 10,25% 0,59 7,17 01-Jun-19 01-Mar-20 Bullet Qtly. Badlar+325 100

Bocon 2022 PR15 153,00 -0,36% 78,05% 62,00% 13,50% 0,98 4,06 04-Jul-19 04-Oct-22 Qtly. Qtly. Badlar 100

Bonar 2022 AA22 96,80 -1,22% 66,92% 54,61% 6,11% 1,37 3,00 03-Jul-19 03-Apr-22 Bullet Qtly. Badlar+200 100

Variable Rate - REPO

ARGPOM 2020 TJ20 112 -0,27% 74,67% 59,79% -8,08% 0,72 6,26 21-Jun-19 22-Jun-20 Bullet Qtly. Mon. Pol. 100

Mixed Peso

ARGCER 2020 A2M2 141,00 -1,40% 23,34% 22,12% - 0,78 0,34 06-Mar-20 06-Mar-20 Bullet Mth. Fixed=4 100

FIXED RATE 2020 A2M2 141,00 -1,40% 37,65% 34,65% - 0,73 1,58 06-Mar-20 06-Mar-20 Bullet Sem. Fixed=19.21 100

Fixed Rate

FIXED RATE 2020 TN20 93,52 - 46,66% 42,21% - 0,99 11,12 21-May-19 21-Nov-20 Bullet Sem. Fixed=26 100

FIXED RATE 2021 TO21 82,00 - 31,85% 29,65% - 1,86 1,11 03-Oct-19 03-Oct-21 Bullet Sem. Fixed=18.20 100

FIXED RATE 2023 TO23 84,00 - 23,08% 21,88% - 3,06 0,36 17-Oct-19 17-Oct-23 Bullet Sem. Fixed=16,00 100

FIXED RATE 2026 TO26 74,25 - 24,24% 22,93% - 3,96 0,34 17-Oct-19 17-Oct-26 Bullet Sem. Fixed=15.50 100

BONCER 2020 TC20 174,85 23,22% 22,01% - 0,89 2,30 28-Apr-19 28-Apr-20 Bullet Sem. Fixed=2,25 100

BOCON 2024 PR13 445,86 -6,98% 12,65% 12,27% - 2,08 0,31 15-May-19 15-Mar-24 Sinkable Mth. Fixed=2 49,37

BONCER 2021 TC21 166,00 -4,30% 17,39% 16,69% - 2,00 1,43 22-Jul-19 22-Jul-21 Bullet Sem. Fixed=2,5 100

BONCER 2023 TC23 120,00 - 12,14% 11,79% - 3,35 0,85 06-Sep-19 06-Mar-23 Bullet Sem. Fixed=4 100

BONCER 2025 TC25 110,00 - 10,89% 10,61% - 4,85 2,97 27-Apr-19 27-Apr-25 Bullet Sem. Fixed=4 100

DISCOUNT $ 2033 DIP0 900,00 - 10,44% 10,18% - 6,45 22,15 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=5,83 100

DISCOUNT $ 2033 DICP 812,00 -4,47% 12,16% 11,81% - 6,18 22,15 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=5,83 100

PAR $ 2038 PARP 300,00 -3,23% 12,06% 11,72% - 10,28 1,15 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=1,77 100

CUASIPAR CUAP 470,00 1,08% 11,86% 11,53% - 9,78 13,75 30-Jun-19 31-Dec-45 Sinkable Sem. Fixed=3,31 100

BADLAR Avg. 48,50% CER Chg YoY 52,21% MP Rate 67,87%

Coupon (%)Acc.

InterestCpn. Freq

Daily

Var.Amort.

Next

PaymentTicker Price

Residual

(%)Bonds Maturity

Mod.

DurationYTM (Annual)

YTM

(Nominal)Spread

Inflation Linked - CER


Fixed Income – US Dollar Sovereign

A2E3

AO20

AA21

AY24

A2E2

AA25

AA26

A2E7

DICA

DICY

AL28 AA37

AL36

PARA

PARY

AA46AC17

A2E8 AE48

9,0%

10,0%

11,0%

12,0%

13,0%

14,0%

15,0%

16,0%

17,0%

18,0%

0 2 4 6 8 10 12

Duration

US Dollar Sovereign Yield Curve

Loc. Price Ext. Price

ARS Mep Clean Dirtyoor

Sovereign US Dollar

Bonar 2020 AO20 3900 91,50 90,95 91,32 0,09% 90,98% 15,53% 15,69% 8,80% 1,31 0,38 8-Oct-19 8-Oct-20 Bullet Sem. Fixed=8 Arg 100 1 1.205

Global 2021 AA21 3707 89,00 87,65 87,70 -1,43% 87,65% 13,81% 14,69% 7,84% 1,78 0,06 22-Oct-19 22-Apr-21 Bullet Sem. Fixed=6,875 NY 100 150,000 4.500

Bonar 2024 AY24 3826 90,10 86,27 90,36 -1,01% 86,81% 16,89% 16,72% 10,14% 1,83 4,08 7-May-19 7-May-24 Sinkable Sem. Fixed=8,75 Arg 100 1 6.360

Global 2022 A2E2 3530 83,59 81,82 83,21 -1,38% 82,07% 14,01% 14,21% 6,87% 2,40 1,39 26-Jul-19 26-Jan-22 Bullet Sem. Fixed=5,625 NY 100 1,000 3.250

Global 2023 A2E3 3500 81,00 76,95 78,29 -1,07% 77,25% 11,81% 12,95% 6,01% 3,20 1,34 11-Jul-19 11-Jan-23 Bullet Sem. Fixed=4,625 NY 100 1000 1.750

Bonar 2025 AA25 2836 66,50 67,21 67,33 -1,59% 67,25% 16,41% 16,07% 8,55% 3,93 0,11 18-Oct-19 18-Apr-25 Sinkable Sem. Fixed=5,75 Arg 100 1,000 1.535


Global 2027 A2E7 3280 77,00 75,67 77,37 -0,73% 76,08% 12,16% 12,06% 9,09% 5,48 1,70 26-Jul-19 26-Jan-27 Bullet Sem. Fixed=6,875 NY 100 1,000 3.750

Global 2028 A2E8 3280 73,50 71,95 73,65 -0,61% 72,42% 11,27% 11,24% 8,17% 6,16 1,70 11-Jul-19 11-Jan-28 Bullet Sem. Fixed=5,875 NY 100 1000 4.250

Global 2048 AE48 2975 73,00 70,43 72,41 -0,95% 71,00% 10,18% 10,27% 9,76% 9,72 1,99 11-Jul-19 11-Jan-48 Bullet Sem. Fixed=6,875 NY 100 1000 3.000

Discount 2033 ARL DIA0 4170 98,00 73,67 107,00 -0,36% 74,35% 15,40% 13,67% 11,24% 5,63 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 184

Discount 2033 USL DIY0 4800 112,00 75,93 110,16 -0,91% 76,55% 12,81% 13,12% 10,91% 5,71 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 1.817

Discount 2033 ARL DICA 4473 105,50 72,65 105,57 -0,02% 73,35% 13,95% 13,93% 11,40% 5,59 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 Arg 100 1 6.872

Discount 2033 USL DICY 4751 112,75 77,80 112,79 -0,86% 78,37% 12,69% 12,68% 10,64% 5,78 3,71 30-Jun-19 31-Dec-33 Sinkable Sem. Fixed=8,28 NY 100 1 5.560

Global 2028 AL28 2325 99,01 73,59 75,59 -0,83% 74,11% 7,19% 11,62% 9,00% 6,18 2,01 6-Jul-19 6-Jul-28 Bullet Sem. Fixed=6,625 NY 100 150,000 1.000

Bonar 2037 AA37 2840 67,85 72,58 72,73 - 72,63% 12,53% 11,60% 10,50% 8,17 0,15 18-Oct-19 18-Apr-37 Sinkable Sem. Fixed=7,625 Arg 100 1,000 2.020

Global 2036 AL36 2107 81,13 72,97 75,13 -0,75% 73,54% 9,88% 10,83% 9,76% 8,37 2,16 6-Jul-19 6-Jul-36 Bullet Sem. Fixed=7,125 NY 100 150,000 1.750

PAR USD USL PAY0 2400 55,00 52,96 53,22 0,10% 53,08% 10,18% 10,54% 7,08% 9,46 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 NY 100 1 95

PAR USD ARL PAA0 2020 47,35 49,54 49,80 -0,37% 49,67% 11,89% 11,30% 7,57% 9,22 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 Arg 100 1 71

PAR USD ARL PARA 2150 50,80 50,25 50,51 -0,18% 50,38% 11,07% 11,14% 7,46% 9,28 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 Arg 100 1 1.246

PAR USD USL PARY 2325 55,45 54,86 55,12 -0,56% 54,98% 10,09% 10,15% 6,84% 9,58 0,26 30-Sep-19 31-Dec-38 Sinkable Sem. Fixed=3,75 NY 100 1 5.313


Global 2117 AC17 3135 73,75 70,95 73,26 -1,01% 71,61% 10,21% 10,28% 10,04% 9,79 2,32 28-Jun-19 28-Jun-17 Bullet Sem. Fixed=7,125 NY 100 1.000 2.750

BondsResidual

(%)Amort. Coupon (%) LawParity

YTM Mep.

(Annual)

Minimum

Piece

Amount O/S

(in Million)Daily Var. Cpn. FreqTicker

Next

PaymentMaturity

Acc.

Interest

YTM Ext.

(Annual)

Current

Yield

Mod.

Duration

AO20AA21

AY24

A2E2

AA25

AA26A2E7

DICA

DICY

AL28

AA37

AL36PARA

PARYAA46AC17

A2E8 AE48

A2E3

9,0%

10,0%

11,0%

12,0%

13,0%

14,0%

15,0%

16,0%

17,0%

18,0%

0 2 4 6 8 10 12

Duration

US Dollar Sovereign Yield Curve - NY Law vs. ARG Law

ARG LAW

NY LAW


Fixed Income – US Dollar Sub-Sovereign

Price

ARS Clean Dirty

BS. AS. PAR 2020 BPMD 1440 95,72 48,83 -0,35% 13,37% 4,18% 0,47 0,97 1-May-19 1-May-20 Sinkable Sem. Fixed=4 NY 50,002 1 31,7

BS. AS. 2019 PBJ19 2652 100,11 102,18 0,21% 4,95% 5,74% 0,14 2,08 15-Jun-19 15-Jun-19 Bullet Sem. Fixed=5,75 NY 100 150,000 750,0

BS. AS. 2021 BP21 2710 94,77 64,98 -0,32% 16,20% 11,47% 1,09 1,79 26-Jul-19 26-Jan-21 Sinkable Sem. Fixed=10,875 NY 66,67 100,000 500,0

BS. AS. 2021 PBJ21 4115 90,65 94,41 -0,24% 17,48% 10,98% 1,36 3,76 9-Jun-19 9-Jun-21 Sinkable Sem. Fixed=9,95 NY 100 150,000 899,5

BS. AS. 2023 PBF23 - 78,79 80,05 -0,41% 16,97% 8,25% 2,32 1,26 15-Aug-19 15-Feb-23 Sinkable Sem. Fixed=6,5 NY 100 1,000 750,0

BS. AS. 2024 PBM24 3570 80,61 81,60 -0,50% 16,71% 11,32% 3,00 0,99 16-Sep-19 16-Mar-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 1.250,0

BS. AS. 2027 PBJ27 3382 70,72 73,56 -0,60% 15,16% 11,14% 4,74 2,84 15-Jun-19 15-Jun-27 Sinkable Sem. Fixed=7,875 NY 100 150,000 1.750,0

BS. AS. 2028 BP28 3394 76,04 76,22 -0,31% 15,40% 12,66% 5,03 0,19 18-Oct-19 18-Apr-28 Sinkable Sem. Fixed=9,625 NY 100 100,000 400,0

BS. AS. PAR 2035 BPLD 2500 58,19 59,97 - 13,05% 6,87% 5,38 1,78 15-May-19 15-May-35 Sinkable Sem. Fixed=4 NY 100 1 446,5

CITY OF BS. AS. BUEAIR 21 - 98,51 67,10 -0,25% 10,38% 9,09% 1,21 1,10 19-Aug-19 19-Feb-21 Sinkable Sem. Fixed=8,95 ENG 67 200,000 335,0

CITY OF BS. AS. BUEAIR 27 - 84,07 87,07 -0,53% 11,05% 8,92% 5,06 3,00 1-Jun-19 1-Jun-27 Sinkable Sem. Fixed=7,5 UK 100 200,000 890,0

JUJUYA 2022 JUS22 2810 71,03 71,87 0,08% 21,99% 12,14% 2,66 0,84 20-Sep-19 20-Sep-22 Bullet Sem. Fixed=8,625 NY 100 150,000 210,0

SANTA FE 2023 PROVSF23 - 83,92 84,54 - 13,42% 8,34% 2,87 0,62 23-Sep-19 23-Mar-23 Sinkable Sem. Fixed=7 NY 100 150,000 250,0

SANTA FE 2027 PROVSF27 - 75,07 78,41 -0,01% 12,40% 9,19% 5,20 3,34 1-May-19 1-Nov-27 Sinkable Sem. Fixed=6,9 NY 100 150,000 250,0

CÓRDOBA 2021 PDCAR21 3507 83,39 86,06 -0,68% 17,38% 8,54% 1,81 2,67 10-Jun-19 10-Jun-21 Bullet Sem. Fixed=7,125 NY 100 150,000 725,0

CÓRDOBA 2026 CO26 3290 78,08 77,33 0,27% 16,51% 9,12% 2,59 1,69 27-Apr-19 27-Oct-26 Sinkable Qtly. Fixed=7,125 ARG 96,875 1,000 290,6

CÓRDOBA 2024 CO24 3180 77,21 78,33 0,17% 14,01% 9,65% 4,09 1,12 1-Sep-19 1-Sep-24 Bullet Sem. Fixed=7,45 NY 100 150,000 510,0

CÓRDOBA 2027 PDCAR27 2185 70,84 72,50 -0,35% 13,38% 10,06% 5,56 1,66 1-Aug-19 1-Aug-27 Bullet Sem. Fixed=7,125 NY 100 150,000 450,0

MENDOZA 2024 PMY24 2425 79,50 83,13 -1,30% 15,98% 10,53% 3,06 3,63 19-May-19 19-May-24 Sinkable Sem. Fixed=8,375 NY 100 150,000 500,0

TRA. DEL FUEGO FUEGO27 3198 86,95 84,97 -0,45% 13,73% 10,29% 3,19 0,19 17-Jul-19 17-Apr-27 Sinkable Qtly. Fixed=8,95 NY 97,5 1,000 195,0

NEUQUÉN 2021 NRH2 531 98,70 28,18 0,04% 9,52% 7,98% 0,94 0,55 26-Apr-19 26-Apr-21 Sinkable Qtly. Fixed=7,875 NY 28 150,000 22,1

NEUQUÉN 2028 NDT11 1268 94,19 95,94 0,26% 10,55% 9,16% 3,71 1,75 12-May-19 12-May-28 Sinkable Qtly. Fixed=8,625 NY 100 150,000 348,7

NEUQUÉN 2025 NEU2025 - 78,38 82,09 -0,47% 14,09% 9,57% 3,72 3,71 27-Apr-19 27-Apr-25 Sinkable Sem. Fixed=7,5 NY 100 1,000 366,0

LA RIOJA 2025 RIF25 - 77,31 78,96 -0,80% 18,29% 12,61% 3,13 1,65 24-Aug-19 24-Feb-25 Sinkable Sem. Fixed=9,75 NY 100 150,000 300,0

RIO NEGRO 2025 RND25 2874 66,51 69,48 - 18,10% 11,65% 3,88 2,97 7-Jun-19 7-Dec-25 Sinkable Sem. Fixed=7,75 NY 100 150,000 300,0

CHACO 2024 CH24D 2140 70,92 72,67 - 20,73% 13,22% 3,09 1,74 18-Aug-19 18-Aug-24 Sinkable Sem. Fixed=9,375 NY 100 150,000 250,0

CHUBUT 2020 TUBA1 - 99,25 13,86 0,00% 9,16% 7,81% 0,65 0,07 1-Jul-19 1-Jul-20 Sinkable Qtly. Fixed=7,75 NY 13,89 10,000 14,4

CHUBUT 2023 PUY23 1896 94,54 77,89 0,14% 12,53% 9,39% 1,71 1,32 19-May-19 19-May-23 Sinkable Qtly. Fixed=8,875 NY 81 25,000 40,5

CHUBUT 2026 PUL26 3420 79,14 81,06 -0,07% 15,30% 9,79% 3,17 1,92 26-Apr-19 26-Jul-26 Sinkable Qtly. Fixed=7,75 NY 100 150,000 650,0

ENTRE RIOS 2025 ERF25 - 71,75 73,62 - 18,58% 12,20% 3,44 1,87 8-Aug-19 8-Feb-25 Sinkable Sem. Fixed=8,75 NY 100 150,000 500,0

SALTA 2022 SARH 0 98,03 34,99 -0,15% 11,39% 9,69% 1,32 0,36 16-Jun-19 16-Mar-22 Sinkable Qtly. Fixed=9,5 NY 35,32 150,000 65,3

SALTA 2024 SA24D 3420 77,78 80,52 -1,41% 17,44% 11,73% 3,10 2,74 7-Jul-19 7-Jul-24 Sinkable Sem. Fixed=9,125 NY 100 150,000 350,0

Mod.

DurationTicker

YTM

(Annual)

Current

YieldDaily Var.

Sub-Sovereign US Dollar

Amount

O/S (in

Million)

Coupon (%)

Residual

Value

(%)

Bonds Amort. Cpn. Freq LawAcc.

Interest

Next

PaymentMaturity

Minimum

Piece


Fixed Income – US Dollar Sub-Sovereign

PBF23

BPMD

BP21

PBJ27

BP28

BPLD

CO26

SA24D

BUEAIR 21 BUEAIR 27

PBJ21

NEU2025

PMY24

CO24

PBM24

SARH

PUL26

TUBA1

CH24D

NRH2

PDCAR21

ERF25

PDCAR27

RIF25

PROVSF27

FUEGO27

PUY23

NDT11

PROVSF23

JUS22

RND25

6%

8%

10%

12%

14%

16%

18%

20%

22%

24%

0 2 4 6 8Duration

US Dollar Sub-Sovereign Yield Curve

Buenos Aires Prov.

Buenos Aires City

PBF23

BPMD

BP21

PBJ27

BP28

BPLD

CO26

BUEAIR 21

BUEAIR 27

PBJ21

CO24

PBJ19

PBM24

PDCAR21

PDCAR27

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0 2 4 6 8

Duration

Dólar Provincial - Curva de Rendimientos

Buenos Aires Prov.

Buenos Aires City

PBF23

BPMD

BP21PBJ27 BP28

BPLD

CO26

SA24D

BUEAIR 21 BUEAIR 27

PBJ21

NEU2025

PMY24

CO24

PBM24

SARH

PUL26

TUBA1

CH24D

NRH2

PDCAR21

ERF25

PDCAR27

RIF25

PROVSF27

FUEGO27PUY23

NDT11

PROVSF23

JUS22

RND25

6%

8%

10%

12%

14%

16%

18%

20%

22%

24%

0 2 4 6 8Duration

Dólar Provincial - Curva de Rendimientos

Buenos Aires Prov.

Buenos Aires City


Fixed Income - Dollar-Linked

PUO19BDC20

BD2C9

0%

0%

0%

1%

1%

1%

1%

1%

0,0 0,1 0,2 0,3 0,4 0,5 0,6Duration

Dollar-Linked Yield Curve

Sovereign CABA Sub Sovereign

CABA Cl. 4 2019 BDC19 710 - 85,71% 0,06 17-May-19 17-May-19 Sem. Sem. 3,98 17 327

CABA Cl. 5 2019 BD2C9 1460 - 1,24% 0,41 20-Jun-19 20-Dec-19 Sem. Sem. 1,95 33 113

CABA Cl. 6 2020 BDC20 1460 2,82% 0,98% 0,52 28-Jul-19 28-Jan-20 Sem. Sem. 1,95 33 147

CHUBUT 2019 PUO19 549 1,65% 0,87% 0,37 21-Jul-19 21-Oct-19 Qtly. Qtly. 4,00 13 220

Dollar-Linked Sub-Sovereign

Residual

Value (%)

Amt. Issued

(USD MM)Cpn. Freq

Coupon

(%)Bonds Ticker Price

YTM

(Annual)

Mod.

Duration

Next

PaymentMaturity Amort.Daily Var.


ROFEX US Dollar Future / Official Exchange Rate

52,0%

53,0%

54,0%

55,0%

56,0%

57,0%

58,0%

59,0%

Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20

Simple Rate

ROFEX US Dollar Futures: Implicit Rates

FX Var 1D (%) Var 5D (%) MTD (%) Var 1M (%) YTD (%) YoY(%)

SIOPEL 42,38 -0,19% 0,02% -2,18% 0,76% 12,47% 109,28%

BCRA 42,38 -0,73% 0,63% -2,25% 1,42% 12,09% 109,33%

BNAB 41,40 -0,24% 0,00% -2,13% 1,47% 12,50% 107,00%

BNAG 42,20 -0,24% 0,02% -2,20% 1,44% 12,53% 109,33%

BALANZ 41,85 -0,36% 0,48% -2,45% 1,45% 12,80% -*BNAB = Re t a il Bid

*BALANZ Comprador Bid

*BNAG = Whole sa le Bid

Simple Compuesta

30/04/2019 42,870 1,11% 57,80% 77,68%

31/05/2019 44,810 5,68% 54,60% 70,06%

28/06/2019 46,780 10,33% 57,13% 72,23%

31/07/2019 49,050 15,68% 57,82% 71,11%

30/08/2019 51,000 20,28% 57,39% 68,63%

30/09/2019 53,200 25,47% 58,11% 67,81%

31/10/2019 55,200 30,19% 57,69% 65,56%

29/11/2019 57,200 34,91% 57,91% 64,34%

31/12/2019 59,250 39,74% 57,56% 62,36%

31/01/2020 61,250 44,46% 57,34% 60,70%

28/02/2020 63,250 49,17% 57,71% 59,90%

31/03/2020 65,300 54,01% 57,47% 58,33%

TC Oficial ARS 42,4

Vencimiento Precio Var. TCTasa Implícita


Fixed Income - GDP Warrants

0

2

4

6

8

10

12

14

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep-

17

Oct

-17

No

v-1

7

Dec

-17

Jan-

18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep-

18

Oct

-18

No

v-1

8

Dec

-18

Jan-

19

Feb

-19

Mar

-19

ARS Warrant (TVPP)ARS

0

2

4

6

8

10

12

14

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep-

17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep-

18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Fe

b-1

9

Mar

-19

USD Warrant (TVPY)U$S

ARS USD-EUR

ARS GDP Warrant TVPP 1,80 USD 0,04 0,00% 15-Dec-35 ARS 24,60 13,7x Arg

USD GDP Warrant TVPA 127,00 USD 3,00 -2,24% 15-Dec-35 USD 29,97 10,0x Arg

USD GDP Warrant TVPY 137,00 USD 3,24 -0,40% 15-Dec-35 USD 29,97 9,3x NY

EUR GDP Warrant TVPE 175,00 EUR 3,67 -1,31% 15-Dec-35 EUR 31,01 8,4x UK

GDP Warrants

PriceResidualMaturity LawTicker

Residual /

PriceDaily Var.

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