INSTITUTO ARGENTINO

BRIEFING – FEBRUARY 2019 DE MERCADO DE CAPITALES

EQUITY www.iamc.com.ar
@iamcmerval

• On Feb-28 the S&P Merval index,

S&P Merval Index (in USD)
Value (eop) m/m y/y Ytd
measured in USD, closed at 877.95,
Mar-19 877.95 -9.49% -46.44% 9.55% decreasing 9.49% m/m. Despite this fall,
the index remained +9.55% ytd.
1800
• Under the agreement between BYMA and
1600
S&P DJI, the S&P Merval 25 Index and the
1400 S&P BYMA Burcap Index will be
1200 discontinued since March 1st, 2019.
1000 •The FX closed at $38.9983, inside the
800 BCRA’s non-intervention zone ($38.617-
600
$49.975).
Jan-18

May-18

Sep-18

Jan-19
Feb-17

Mar-18

Oct-18
Nov-18
Apr-18

Dec-18
Jul-17
May-17

Sep-17

Jun-18
Mar-17

Feb-18
Oct-17

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

Jun-17

Aug-18
Jul-18
Aug-17

• Measured in ARS, only 5 out of the 20

constituent shares of the S&P Merval index
showed m/m price increases.

S&P Merval Argentina Index (in USD) •Top performers in the S&P Merval index
Value (eop) m/m y/y Ytd (m/m, in ARS): VALO (+12.18%), TS (+11.94%)
Mar-19 791.1 -10.80% -50.44% 7.96% and TGNO4 (+6.15%).

1800 • S&P Merval index constituents’ worst

1600
performers (m/m, in ARS) : FRAN (-13.99%),
SUPV (-11.2%) and GGAL (-10.75%).
1400
• S&P Merval index non-constituents’ top
1200
performers (m/m, in ARS): GRIM (+105.81%),
1000 IRCP (+10.85%) and CARC (+8.55%).
800
• S&P Merval index non-constituents’ worst
600 performers (m/m, in ARS): TGLT (-12.88%),
CGPA2 (-12.43%) and CAPX (-12.36%).
Sep-18

Jan-19
May-18
Jan-18
Feb-17

Mar-18

Oct-18
Jul-17

Nov-18
Apr-18

Dec-18
Sep-17

Jun-18
May-17
Mar-17

Oct-17

Feb-18

Feb-19
Nov-17
Apr-17

Dec-17
Jun-17

Jul-18
Aug-18
Aug-17

• S&P MERVAL Argentina Index* went down

10.8% m/m measured in USD. However, the
Daily Average Traded Value (USD million) index remained 7.96% above its value of
Value m/m y/y Accumulated December 2018.
Feb-19 20.67 15.01% -61.48% -64.02%
• Shares’ traded value grew 4.55%,
65 achieving USD 413.4 M.
55 •Average daily traded value of shares went
45
up 15% when compared with the previous
month. It is the highest value since
35 November 2018.

25 • Total market capitalization reached USD

214 bn., showing a 3.9% month decrease.
15
•Domestic companies capitalization
5
showed a 10.3% m/m increase, recording a
Oct-17

Aug-18
Apr-17

Jun-17

Jan-19
Jan-18
Feb-17

Mar-18
Aug-17

Jul-18

Nov-18
May-17

Oct-18

Dec-18
Sep-17

Apr-18

Jun-18
Mar-17

Nov-17
Jul-17

Dec-17

Feb-18

Feb-19
May-18

Sep-18

value of USD 49.95 bn.

•In terms of GDP (4Q-18), domestic

companies‘ market capitalization reached
11.7%.

MORE INFORMATION
*The S&P MERVAL Argentina Index includes only Argentinean companies. www.iamc.com.ar
@iamc_oficial
 INSTITUTO ARGENTINO
BRIEFING – FEBRUARY 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
2.26% m/m in USD and 2.52% m/m in ARS.
Mar-19 433.2 -2.26% -15.27% 5.45%
Compared to the same month of the previous
year, it was down 15.27%.
550
• All the IBIAMC sub-indexes showed a price
500
decrease in terms of USD. The worst performer
was the long term ARS-denominated one
(-3.98% m/m).
450
• Considering the top 25 traded bonds, the
400 highest m/m price increases, measured in ARS,
were those of A2J9 (+4.77%), A2E2 (+4.24%) and
350
CUAP (+3.4%).
May-17

Sep-17
Mar-17

Feb-19
Oct-17
Nov-17

Feb-18
Apr-17

Dec-17
Jun-17

Jul-18

Sep-18
Jan-18

May-18

Jan-19
Feb-17

Mar-18

Oct-18
Nov-18
Aug-17

Apr-18

Dec-18
Jul-17

Jun-18

Aug-18
• Top traded bonds’ worst performers (m/m, in
ARS): PBA25 (-1.58%), TVPA (-1.45%) and BDC28
(-0.49%).

• Bonds’ total traded value fell 34.6% in USD

on a m/m basis. In the PPT segment, the
traded value showed a 39% decrease
recording USD 2,8 bn.

IAMC Bond Value in USD

m/m y/y YTD
subindexes 28-Feb
Short in ARS 849.49 -2.14% -27.25% 6.59%
Long in ARS 1,120.63 -3.98% -33.56% 8.39%
Short in USD 208.78 -1.45% -2.05% 3.04%
Long in USD 452.51 -3.76% -10.86% 9.58%

Sovereign Bonds in USD CER Adjusted Sovereign Bonds

15% 12%
DIA0 11% TC20
AA25 AA26 TC25P
DICA 10% DIP0 PAP0
13% AY24 AA46 PR13 CUAP
DIY0 PAA0 9% TC23
TC21
YTM, effective annual, eop

PARP
YTM, effective annual, eop

AA37 PARA DICP

10% AO20 A2E2 A2E7 DICY 8%
PAY0 AC17
AA21 DIA0 PARY PARA 7%
PAY0
DIY0 AC17 6% PARP
8% AA26 DICA AA37PAA0 AA46 DIP0
PARY 5% CUAP
AA21 PR13
A2E7 DICY DICP PAP0
5% AY24 AA25 4% TC21
A2E2 TC20
AO20 3%
3% 2% Curve as of 2-28-19 Curve as of 2-28-18
Curve as of 2-28-19 Curve as of 2-28-18 1%
0% 0%
0 3 5 8 10 13 15 0 3 5 8 10 13 15
DM DM

Fixed and "Badlar" Rate Sovereign Bonds

55%
50% PR15
AMX9
45% AM20
YTM, effective annual, eop

40%
35%
30% AA22 TO21
AMX9 PR15
25%
AA22 TO23 TO26
20% AM20
TO21
15% TO23 TO26
Badlar Rate as of 2-28-19
10%
Badlar Rate as of 2-28-18
5% Fixed Rate as of 2-28-19
Fixed Rate as of 2-28-18
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