News
BCRA
The banks will need the Central Bank’s authorization to pay dividends. The Central Bank issued AR$ 161 billion in Leliqs, at an average rate of 78.20%. Maturities reached AR$ 268 billion.
Leliqs
The Central Bank issued AR$190 billion in Leliqs, at an average rate of 74.99%. Maturities reached AR$145 billion.
Hernan Lacunza
In a press conference, the Treasury Minister Hernan Lacunza disclosed a maturity extension project for sovereign bonds, without a coupon or principal haircut. In addition, he disclosed an extension of Letes and Lecaps maturities for up to 6 months. Finally, the repayment of the stand by arrangement with the IMF would be renegotiated.
Leliqs
The Central Bank issued AR$ 190 billion in Leliqs, at an average rate of 74.99%. Maturities reached AR$ 145 billion.
Leliq
The Central Bank issued AR$280 billion in Leliqs, at an average rate of 74.98%. Maturities reached AR$285 billion.
Economic news
FX fell without Central Bank’s direct intervention. USD denominated bonds hiked up to 25%.
Economic news
President Macri announced economic actions and talked with Alberto Fernandez in order to reduce uncertainty
Economic news
Central Bank intervened in FX market to lower volatility. Treasury cancelled March 2020 Bills issue
BYMA 2Q 2019
Bolsas y Mercados Argentinos (BYMA) recorded an inflation-adjusted profit of ARS 28.7 million during 2Q 2019, from ARS 917.3 million a year ago, in real terms. The effort to generate new business lines did not offset the impact from the deterioration in trading volume and assets under custody driven by the domestic recession.
Tenaris 2Q 2019
Tenaris beats revenue and earnings per share consensus estimates by U$S 40 M and U$S 0.05 respectively. Higher sales in Mexico and Asia compensate Canada’s seasonal decline. Shipments advance 3% QoQ while revenue grows 2% in the same period (U$S 1,918 M) reflecting a strong price mix. Operating income falls 9% on one-offs tariff recovery recorded in the first quarter and quarterly EBITDA decrease 5% QoQ to U$S 370 M (EBITDA margin 19.3% vs. 20.9% in 1Q19) below our estimate of U$S 400 M. Finally, net income ends flat at U$S 241 M (-1% QoQ) and amounted to 12.5% of sales.