INSTITUTO ARGENTINO

BRIEFING – APRIL 2019 DE MERCADO DE CAPITALES

EQUITY www.iamc.com.ar
@iamcmerval

• On Apr-30 the S&P Merval index,

S&P Merval Index (in USD)
Value (eop) m/m y/y Ytd
measured in USD, closed at 666.17,
Apr-19 666.17 -13.51% -54.35% -16.87% decreasing 13.51% m/m. It was the third
consecutive month decline. When
1800 compared to the same period of the
1600
former year, the index showed a 54.35%
fall.
1400

1200 •The FX showed an increasing volatility

during April, reaching an all-time record:
1000
$45.63. Due to this, the BCRA modified its
800
Monetary Policy. Since Apr-25, the non-
600 intervention zone limits will remain fixed
until the end of the year ($39.755-$51.448).
Jan-18

May-18

Sep-18

Jan-19
Mar-18

Mar-19
Oct-18
Nov-18
Apr-18

Apr-19
Jul-17

Dec-18
May-17

Sep-17

Jun-18
Feb-18
Oct-17

Feb-19
Nov-17
Dec-17
Apr-17

Jun-17

Aug-18
Jul-18
Aug-17

Besides, the BCRA will be able to take

action inside the non-intervention zone
when considered necessary.
S&P Merval Argentina Index (in USD)
• Measured in ARS, only 1 out of the 20
Value (eop) m/m y/y Ytd
constituent shares of the S&P Merval index
Apr-19 588.8 -13.87% -58.16% -19.64%
showed m/m price increases.
1700 •Top performers in the S&P Merval index
1500 (m/m, in ARS): VALO (+1.75%).
1300 • S&P Merval index constituents’ worst
1100 performers (m/m, in ARS) : PAMP (-18.41%),
900
TXAR (-17.94%) and CVH (-17.65%).
700 • S&P Merval index non-constituents’ top
500 performers (m/m, in ARS): CECO2 (+27.53%),
INDU (+17.81%) and HARG (+12.17%).
Sep-18

Jan-19
Jan-18

May-18
Mar-18

Mar-19
Oct-18
Nov-18
Jul-17

Apr-18

Dec-18

Apr-19
Sep-17

Jun-18
May-17

Oct-17

Feb-18

Feb-19
Nov-17
Dec-17
Apr-17

Jun-17

Aug-18
Jul-18
Aug-17

• S&P Merval index non-constituents’ worst

performers (m/m, in ARS): DGCU2
Daily Average Traded Value (USD million) (-30.77%), METR (-25.79%) and BRIO
Value m/m y/y Accumulated (-23.96%).
Apr-19 14.09 -16.32% -54.28% -60.27%
• S&P MERVAL Argentina Index* went down
65 13.9% m/m and 58.2% y/y measured in
USD.
55
• Shares’ traded value decreased 12.34%
45 m/m, achieving USD 309.9 M.
35 •Average daily traded value of shares went
25
down 16.32% when compared with the
previous month.
15
• Total market capitalization reached USD
5 197 bn., showing a 5.9% month decrease.
Oct-17

Aug-18
Apr-17

Jun-17

Jan-18

Jan-19
Mar-18

Mar-19
Aug-17

Jul-18

Nov-18
Dec-18
May-17

Oct-18
Sep-17

Apr-18

Apr-19
Jun-18
Jul-17

Nov-17
Dec-17

Feb-18

Feb-19
May-18

Sep-18

•Domestic companies capitalization

showed a 13% m/m drop, recording a value
of USD 38.7 bn.

MORE INFORMATION
*The S&P MERVAL Argentina Index includes only Argentinean companies. www.iamc.com.ar
@iamc_oficial
 INSTITUTO ARGENTINO
BRIEFING – APRIL 2019 DE MERCADO DE CAPITALES
FIXED INCOME www.iamc.com.ar
@iamcmerval

• The IAMC Bond Index* (IBIAMC) went down

IAMC Bond Index (in USD)
Value (eop) m/m y/y Ytd
7.16% m/m in USD closing at 383.42. It was the
Apr-19 383.42 -7.16% -24.93% -6.67%
lowest close value since Feb-2014. Compared
to the same month of the previous year, it was
550 down 24.93%.

500
• It was the third consecutive month that all
the IBIAMC sub-indexes showed a price
decrease in terms of USD. The worst performer
450
was the long term ARS-denominated one
dropping 20.2% m/m.
400
• Considering the top 25 traded bonds, the
350 highest m/m price increases, measured in ARS,
were those of A2J9 (+1.35%), AA22 (+0.49%)
May-17

Sep-17
Oct-17

Feb-19
Nov-17

Feb-18
Apr-17

Dec-17
Jun-17

Jul-18

Sep-18
Jan-18

Jan-19
May-18
Mar-18

Mar-19
Oct-18
Nov-18
Aug-17

Apr-18

Dec-18

Apr-19
Jul-17

Jun-18

Aug-18

and AA21 (+0.27%).

• Top traded bonds’ worst performers (m/m, in

ARS): PARP (-24.44%), DICP (-18.45%) and TC21
(-15.87%).

• Bonds’ total traded value went up 32.6% in

USD on a m/m basis (USD 9,083 M). In the
PPT segment, the traded value showed a 7.1%
increase recording USD 3,230 M.
IAMC Bond Value in USD
m/m y/y YTD
subindexes 30-Apr
Short in ARS 711.91 -7.96% -37.39% -10.68%
Long in ARS 774.17 -20.18% -52.54% -25.12%
Short in USD 192.22 -5.67% -11.48% -5.14%
Long in USD 398.56 -7.09% -22.05% -3.48%
Sovereign Bonds in USD CER Adjusted Sovereign Bonds
23% 15%
14% DICP CUAP
20% AY24 13% TC23 TC25P PARP
AA25
12% DIP0
18% AO20 DIA0 PAP0
11%
YTM, effective annual, eop

AA21
YTM, effective annual, eop

15% A2E2 DICA 10%

DIY0 AA46
AA26 9%
13% PAA0
A2E7
DICY PARA 8%
AA37
PAY0 AC17 7% PARP
10% DIP0
DIA0 PARY 6%
DIY0 PARA PAY0 PR13 TC21 CUAP
8% AA26 AC17 5% DICP
DICA PAA0
AA21 AA37 PARYAA46 4%
PAP0
DICY
5% AY24 AA25 A2E7 TC20
3%
A2E2 Curve as of 4-30-19 Curve as of 4-27-18
AO20 Curve as of 4-30-19 2%
3%
Curve as of 4-27-18 1% Log. (Curve as of 4-30-19)
0% 0%
0 3 5 8 10 13 15 0 3 5 8 10 13 15 18
DM DM

Fixed and "Badlar" Rate Sovereign Bonds

95%
90% Badlar Rate as of 4-30-19
85% PR15 Badlar Rate as of 4-27-18
80% Fixed Rate as of 4-30-19
AMX9 Fixed Rate as of 4-27-18
75%
YTM, effective annual, eop

70% AM20
65%
60%
55%
50%
45%
40%
35% TO21
30% AMX9
TO23 TO26
25% PR15 AA22
20% AM20
15% TO21 TO23 TO26
10%
5%
0%
0.0 1.0 2.0 3.0 4.0 5.0
DM

* The IAMC Bond Index is made up of the most traded sovereign bonds. MORE INFORMATION
**BADLAR - average rate stemming from a Central Bank survey of fixed term deposit rates for amounts over ARS www.iamc.com.ar
1 million with a maturity of 30 up to 35 days. @iamc_oficial