INSTITUTO ARGENTINO

BRIEFING – MAY 2019 DE MERCADO DE CAPITALES

EQUITY www.iamc.com.ar
@iamcmerval

• On May-31 the S&P Merval index,

S&P Merval Index (in USD)
Value (eop) m/m y/y Ytd
measured in USD, closed at 756.96,
May-19 756.96 13.63% -33.68% -5.54% increasing 13.63% m/m after three
consecutive months of declines. However,
1800
when compared to the same period of the
former year, the index showed a 33.68%
1600
fall.
1400

1200
• On May-29, 8 Argentinean ADRs became
constituents of the MSCI Emerging Markets
1000
Standard Index.
800
•The FX showed a 1.95% increase during
600
May, closing at $44.87.
Jan-18

May-18

Sep-18

Jan-19

May-19
Mar-18

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

Apr-18

Apr-19
Sep-17

Jun-18
May-17

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

Feb-19
Jun-17

Aug-18
Jul-18
Aug-17

• Measured in ARS, 18 out of the 20

constituent shares of the S&P Merval index
showed m/m price increases.
S&P Merval Argentina Index (in USD)
Value (eop) m/m y/y Ytd •Top performers in the S&P Merval index
May-19 669.1 13.63% -38.64% -8.69% (m/m, in ARS): BMA (+30.03%), TGNO4
(+29.46%) and TGSU2 (+28.71%).
1700
• S&P Merval index constituents’ worst
1500 performers (m/m, in ARS) : BYMA (-8.15%)
1300 and ALUA (-3.58%).
1100 • S&P Merval index non-constituents’ top
900 performers (m/m, in ARS): MORI (+50.88%),
700 PGR (+32.53%) and MOLA (+30.77%).
500 • S&P Merval index non-constituents’ worst
performers (m/m, in ARS): INDU (-21.4 %), TS
Sep-18

Jan-19
Jan-18

May-18

May-19
Mar-18

Mar-19
Oct-18
Jul-17

Nov-18
Dec-18
Apr-18

Apr-19
Sep-17

Jun-18
May-17

Oct-17

Feb-18
Nov-17

Feb-19
Dec-17
Jun-17

Aug-18
Jul-18
Aug-17

(-12.81 %) and PATY (-7.5%).

• S&P MERVAL Argentina Index went up

Daily Average Traded Value (USD million) 13.63% m/m measured in USD.
Value m/m y/y Accumulated
May-19 13.91 -1.26% -68.31% -61.93% • Shares’ traded value decreased 1.3% m/m,
achieving USD 305.9 M.
65
• Average daily traded value of shares went
55 down 1.26% when compared with the
45
previous month. It was the lowest value
since May-2016.
35
• Total market capitalization reached USD
25 191.7 bn, showing a 3% month decrease.

15 • On the other hand, domestic companies

capitalization went up 10.2% m/m,
5
recording a value of USD 42.7 bn.
Oct-17

Aug-18
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

May-19
Sep-18

MORE INFORMATION
www.iamc.com.ar
@iamc_oficial
 INSTITUTO ARGENTINO
BRIEFING – MAY 2019 DE MERCADO DE CAPITALES
FIXED INCOME www.iamc.com.ar
@iamcmerval

• The IAMC Bond Index* (IBIAMC) raised 1.44%

IAMC Bond Index (in USD)
Value (eop) m/m y/y Ytd
m/m in USD, closing at 388.95. Compared to
May-19 388.95 1.44% -16.45% -5.33%
the same month of the previous year, it was
down 16.45%.
550
• IBIAMC sub-indexes: 3 out of the 4 sub-
500
indexes went up during May in terms of USD.
The best performer was the long term USD-
denominated one, raising 4.01% m/m.
450
• Considering the top 25 traded bonds, the
400 highest m/m price increases, measured in ARS,
were those of AA46 (+18.48%), PBA25 (+13.77%)
350
and PBY22 (+9.22%).
May-17

Sep-17
Oct-17

Feb-19
Nov-17

Feb-18
Dec-17
Jun-17

Jul-18

Sep-18
Jan-18

May-18

Jan-19

May-19
Mar-18

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

Apr-18

Dec-18
Jul-17

Apr-19
Jun-18

Aug-18

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

ARS): PR13 (-7.32%), TC21 (-3.10%) and PMJ21
(-2.78%).

• Bonds’ total traded value raised 33.6% in

USD on a m/m basis (USD 12,136 M). It was the
highest value since May 2018.In the PPT
segment, the traded value showed a 35.9%
increase recording USD 4.4 bn.
IAMC Bond Value in USD
m/m y/y YTD
subindexes 31-May
Short in ARS 702.49 -1.32% -23.39% -11.86%
Long in ARS 777.19 0.39% -37.85% -24.83%
Short in USD 192.54 0.17% -8.22% -4.98%
Long in USD 414.56 4.01% -15.34% 0.39%

Sovereign Bonds in USD CER Adjusted Sovereign Bonds

45%
24% TC20
22% 40%
AA21 Curve as of 5-31-19
20% AY24 35%
AO20 PR13
YTM, effective annual, eop
YTM, effective annual, eop

18% AA25
DIA0 30%
16% TC21
14% A2E2 DICA
DIY0 PAA0 25%
AA26 AA46
12%
A2E7 DICY AA37 PAY0 PARA 20%
10% AC17 CUAP
PARY DICP PAP0
15% TC23 TC25P
8%
PARP
6%
10% DIP0
Curve as of 5-31-19
4%
2% 5%
0% 0%
0 3 5 8 10 0 3 5 8 10 13 15
DM DM

Fixed and "Badlar" Rate Sovereign Bonds

100%
PR15 Badlar Rate as of 5-31-19
90%
AA22 Fixed Rate as of 5-31-19
80%
AM20
YTM, effective annual, eop

70%

60%

50% TO21
40%

30% TO26
20% TO23

10%

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