According to preliminary data from Juan Tripier, director of PWC and Juan Pablo Herrero Vidaña, Senior Associate Deals PWC one day from the closing of the month, Companies captured $ 322,387 million YU $ S654 million, Through 30 emissions: 21 of Negotiable obligations (ON) and 9 of Financial Trusts (FF).
The ON segment was the most beaten by the fluctuation of the rates. They were completed 21 emissions for a total of $ 1 billionwhich implies a 57% drop in nominal amount and 28% in volume Regarding July, when $ 2.33 billion had been placed in 29 broadcasts. He Hard dollar segmentwhich had led the activity in recent months, suffered a retraction of the 62% in nominal amounts in front of July, with a total of US $ 654 million placed.
Within this scenario, the OCCAGUA oil exchangewhich launched six new on pesos, hard dollar and dollar linked for a joint amount of $ 13,000 million YU $ S186 million. Meanwhile, the segment of ON SME CNV guaranteed record 4 emissions for $ 9,946 millionwhich represents a setback from 60% in volume and of 13% in nominal amounts compared to July ($ 11,485 million in 10 broadcasts).
Rub of Financial Trusts
On the contrary of the ON, the Financial Trusts They showed a recovery. In August they were made 9 emissions in pesos for a total of $ 189,736 millionmore than duplicating the levels of July, when $ 91,547 million had been placed through 4 emissions.
The impact of uncertainty on the dollar and rates volatility
With these data, August is emerging as a month of contraction for corporate financing in the capital market, where the Exchange uncertainty and the instability of rates in pesos They hit both local emissions and those called dollars, which until now had been leading the activity.
It is worth noting that, when comparing with Julio – when placing in pesos exceeded $ 2.1 billion -, the peak of the year continues to be May, with more than $ 3 billion issued on ON, according to data from First Capital Group. Last month, the Tamar rate was around 30% annual nominal, while currently reaches 64%.
In this sense, Pablo RepettoChief of Research of Aurum Securities, explained: “It is logical. Given the level of interest rates in pesos, the cheapest alternative is to place debt in dollars, where they can also find some captive demand of those who have idle currencies in bank deposits.”
PWC analysts in this regard, commented that Several broadcasts remained in “stand by”, providing that current volatility will remain at least until the October elections. “This instability, typical of the electoral periods in Argentina, added to the fact that the financial system is still trying to accommodate the new monetary policy scheme, show a challenging scenario for corporate debt emissions in the period prior to the elections. At times like this, We recommend the emitters be prepared for when the window is reopened to place in the market “.
“There was a drop in tenders, so they were the dollars of the money laundering. GTE ADCAP Capital Market Financial Group.
The prominent emissions the month of August
During this month, colocations in dollars with Argentine law were highlighted, with short deadlines of up to 2 years and cutting rates of up to 8.5% annual nominal.
- Edenor
- Banco Galicia
- Comafi Bank
- Petrolera Aconcagua Energía
- BBVA Argentina Bank
- Hattrick Energy
- Bank of the Province of Córdoba
- Mortgage bank
- Port Central
Source: Ambito
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