INSTITUTO ARGENTINO

BRIEFING – JANUARY 2019 DE MERCADO DE CAPITALES

EQUITY www.iamc.com.ar
@iamcmerval

• On Jan-31 the S&P Merval index, measured

S&P Merval Index (in USD)
Value m/m y/y Ytd
in USD, closed at 970.01, increasing 21.04%
Jan-19 970.01 21.04% -45.39% 21.04% m/m. It was the highest monthly increase
for January since 2001. Despite this hike,
1800 the index remained -45.4% below its value
1600
of January 2018.
1400 •The FX closed at $37.04, below the BCRA’s
1200 non-intervention zone ($37.86-$48.995).
1000 • Measured in both currencies, all the
800 constituent shares of the S&P Merval index
600
showed m/m price increases.
Jan-18

May-18

Sep-18

Jan-19
Feb-17

Mar-18

Oct-18
Nov-18
Apr-18

Dec-18
Jan-17

Jul-17
May-17

Sep-17

Jun-18
Mar-17

Feb-18
Oct-17
Nov-17
Dec-17
Apr-17

Jun-17

Aug-18
Jul-18
Aug-17

•Top performers in the S&P Merval index

(m/m, in ARS): GGAL (+31.03%), BMA
(+30.83%) and TRAN (+26.75%).

S&P Merval Argentina Index (in USD)

• S&P Merval index constituents’ worst
Value m/m y/y Ytd performers (m/m, in ARS) : BYMA (+1.08%),
Jan-19 886.9 21.04% -49.77% 21.04% COME (+3.9%) and EDN (+5%).

1800 • S&P Merval index non-constituents’ top

1600
performers (m/m, in ARS): HAVA (+29.63%),
HARG (+22.22%) and CGPA2 (+21.91%).
1400
• S&P Merval index non-constituents’ worst
1200
performers (m/m, in ARS): GRIM (-16.44%),
1000 TGLT (-9.34%) and CARC (-1.94%)**.
800
• S&P MERVAL Argentina Index* rose also
600 21.04% m/m measured in USD and 20% in
ARS.
Sep-18

Jan-19
Jan-18

May-18
Feb-17

Mar-18

Oct-18
Jul-17

Apr-18

Nov-18
Dec-18
Sep-17

Jun-18
Jan-17

May-17
Mar-17

Oct-17

Feb-18
Nov-17
Apr-17

Dec-17
Jun-17

Aug-18
Jul-18
Aug-17

• Shares’ traded value grew 38.4% after four

months of decreases, achieving USD 395.4
Daily Average Traded Value (USD million) M.
Value m/m y/y Accumulated
•Average daily traded value of shares went
Jan-19 17.97 13.27% -66.34% -66.34%
up 13.3% when compared with the
65 previous month. This was the highest m/m
55
growth since June 2018.

45
• Total market capitalization reached USD
223 bn., showing a 22% month decrease.
35 This downturn was explained mostly by the
delisting of Repsol S.A.
25
•Domestic companies capitalization
15 showed a 16.7% m/m increase, recording a
5
value of USD 55,695 M. Even thought, it
showed a 53.3% fall when compared to the
Oct-17

Aug-18
Apr-17

Jun-17

Jan-18

Jan-19
Feb-17

Mar-18
Aug-17

Jul-18

Nov-18
Dec-18
May-17

Oct-18
Sep-17

Apr-18
Jan-17

Jun-18
Mar-17

Nov-17
Jul-17

Dec-17

Feb-18

May-18

Sep-18

first month of 2018.

•In terms of GDP (3Q-18), domestic
companies‘ market capitalization reached
14%.

*The S&P MERVAL Argentina Index includes only Argentinean companies.

MORE INFORMATION
**STD was delisted in January 4th, 2019. www.iamc.com.ar
@iamc_oficial
 INSTITUTO ARGENTINO
BRIEFING – JANUARY 2019 DE MERCADO DE CAPITALES
FIXED INCOME www.iamc.com.ar
@iamcmerval

• The IAMC Bond Index* (IBIAMC) went up

IAMC Bond Index (in USD)
Value m/m y/y Ytd
7.89% m/m in USD and 6.89% m/m in ARS.
Jan-19 443.2 7.89% -13.97% 7.89%
Compared to the same month of the previous
year, it was down 13.97%.
550
• All the IBIAMC sub-indexes showed a price
500
increase in terms of USD. The best performer
was the long term USD-denominated one
(+13.86% m/m).
450
• Considering the top 25 traded bonds, the
400 highest m/m price increases, measured in ARS,
were those of BDC24 (+26.24%), PARP
350
(+18.07%) and TC21 (+17.25%).
Jan-17

May-17

Sep-17
Mar-17

Oct-17
Nov-17

Feb-18
Apr-17

Dec-17
Jun-17

Sep-18
Jan-18

Jul-18
May-18

Jan-19
Feb-17

Mar-18

Oct-18
Nov-18
Aug-17

Apr-18
Jul-17

Dec-18
Jun-18

Aug-18
• Top traded bonds’ worst performers (m/m, in
ARS): AA19 (-3.16%) and A2J9 (-2.17%).

• Bonds’ total traded value grew 6.16% in

USD on a m/m basis. In the PPT segment, the
traded value showed a 9.52% increase
recording USD 4,6 bn.

IAMC Bond Value in USD

m/m y/y YTD
subindexes 31-Jan
Short in ARS 868.08 8.92% -26.47% 8.92%
Long in ARS 1,167.04 12.88% -30.50% 12.88%
Short in USD 211.86 4.56% -0.51% 4.56%
Long in USD 470.18 13.86% -8.24% 13.86%

YTM, effective Sovereign Bonds in USD YTM, effective

annual eop
CER Adjusted Sovereign Bonds
annual eop
18%
14%
16%
Jan-19 Jan-18
12% 14%

12%
10%
10%
8% 8%

6% 6%

4%
4%
Jan-18 Jan-19 2%

2% 0%
0 5 10 15 0 5 10 15
MD MD

YTM, effective Fixed and Badlar** Rate Sovereign Bonds

annual eop
70%
Badlar (floating rate) Jan-19
60% Fixed Rate Jan-19
Badlar (floating rate) Jan-18
50%
Fixed Rate Jan-18

40%

30%

20%

10%

0%
0.0 1.0 2.0 3.0 4.0 5.0
MD

* 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 www.iamc.com.ar
amounts over ARS 1 million with a maturity of 30 up to 35 days. @iamc_oficial