Soledad Tortarolo:soledad.tortarolo@allaria.com.

ar
Federico Pomi:federico.pomi@allaria.com.ar
Rodrigo Pereyra:rodrigo.pereyra@allaria.com.ar

ARGENTINA SOVEREIGN DEBT (54 11) 5555-6000

18-jun-2019

Outst. Current Accrued Residual Technical Next Payment Modified 1d change Min.
Instrument Ar$ BYMA Parity YTM Duration Coupon Maturity
Am. (mln) Yield Interest Value Value Interest Principal Duration YTM (bp) Denom.
day/month/year

US Dollar (1) U$S

Bonar 20 AO20 2.021 4100,00 91,1% 8,65% 16,54% 1,25 8,00% 1,6 100,00% 101,6 08-10-19 08-10-20 08-10-20 1,15 45 1
Global 21 AA21 4.500 3954,40 88,3% 7,71% 14,93% 1,74 6,88% 1,1 100,00% 101,1 22-10-19 22-04-21 22-04-21 1,62 -63 150.000
Bonar 24 AY24 16.353 3218,00 86,2% 8,37% 15,68% 2,40 8,75% 0,9 83,34% 84,2 07-11-19 07-05-19 07-05-24 2,23 54 1
Global 22 A2E2 3.250 3797,00 83,8% 6,57% 13,78% 2,38 5,63% 2,2 100,00% 102,2 26-07-19 26-01-22 26-01-22 2,23 61 1.000
Global 23 A2E3 1.750 3635,98 80,4% 5,64% 11,96% 3,21 4,63% 2,0 100,00% 102,0 11-07-19 11-01-23 11-01-23 3,03 1 1.000
Bonar 25 AA25 3.494 3115,00 69,6% 8,18% 15,48% 4,05 5,75% 1,0 100,00% 101,0 18-10-19 18-04-25 18-04-25 3,76 28 1
Global 26 AA26 6.500 3742,70 83,4% 8,88% 11,34% 5,25 7,50% 1,2 100,00% 101,2 22-10-19 22-04-26 22-04-26 4,97 -17 150.000
Global 27 A2E7 3.745 3545,00 77,9% 8,60% 11,74% 5,60 6,88% 2,7 100,00% 102,7 26-07-19 26-01-27 26-01-27 5,29 29 1.000
Global 28 A2E8 4.250 3250,00 71,5% 8,02% 11,60% 6,24 5,88% 2,6 100,00% 102,6 11-07-19 11-01-28 11-01-28 5,90 26 1.000
Global 28 AL28 1.000 3557,07 77,9% 8,26% 10,86% 6,37 6,63% 3,0 100,00% 103,0 06-07-19 06-07-28 06-07-28 6,04 -3 150.000
Disc ArgL DICA 4.901 4990,00 77,3% 10,32% 13,06% 5,86 8,28% 5,4 100,00% 145,7 30-06-19 30-06-24 31-12-33 5,50 13 1
Disc NYL DICY 3.048 5325,00 82,5% 9,67% 11,83% 6,02 8,28% 5,4 100,00% 145,7 30-06-19 30-06-24 31-12-33 5,69 -17 1
Bonar 37 AA37 2.020 3266,00 72,7% 10,35% 11,64% 8,36 7,63% 1,3 100,00% 101,3 18-10-19 18-04-37 18-04-37 7,90 13 1
Global 36 AL36 1.750 3544,94 77,5% 8,91% 10,23% 8,76 7,13% 3,2 100,00% 103,2 06-07-19 06-07-36 06-07-36 8,34 -2 150.000
Par ArgL PARA 1.231 2500,00 55,9% 6,65% 10,06% 9,81 3,75% 0,8 100,00% 100,8 30-09-19 30-09-29 31-12-38 9,34 -20 1
Par NYL PARY 5.313 2590,00 58,0% 6,42% 9,66% 9,92 3,75% 0,8 100,00% 100,8 30-09-19 30-09-29 31-12-38 9,46 -1 1
Global 46 AA46 2.750 3398,09 75,7% 9,95% 10,60% 9,75 7,63% 1,2 100,00% 101,2 22-10-19 22-04-46 22-04-46 9,26 21 150.000
Global 48 AE48 3.000 3375,02 73,9% 9,03% 9,88% 10,20 6,88% 3,0 100,00% 103,0 11-07-19 11-01-48 11-01-48 9,72 6 1.000
Global 2117 AC17 2.750 3398,50 74,1% 9,30% 9,95% 10,32 7,13% 3,4 100,00% 103,4 28-06-19 28-06-17 28-06-17 9,83 22 1.000
(1) Calculated with OTC USD Prices.

Euro €(2) €
Euro 22 AE22 1.250 4099,92 81,3% 4,69% 12,97% 2,45 3,88% 1,7 100,00% 101,7 15-01-20 15-01-22 15-01-22 2,17 7 100.000
Euro 23 AE23 1.000 3899,53 77,5% 4,29% 11,49% 3,35 3,38% 1,4 100,00% 101,4 15-01-20 15-01-23 15-01-23 3,01 -4 100.000
Disc-UK Law DICE 2.270 4165,59 81,0% 9,31% 11,59% 6,12 7,82% 5,1 100,00% 142,7 30-06-19 30-06-24 31-12-33 5,79 -3 1
Euro 27 AE27 1.250 3665,42 72,4% 6,77% 10,58% 6,10 5,00% 2,1 100,00% 102,1 15-01-20 15-01-27 15-01-27 5,51 3 100.000
Euro 28 AE28 1.000 3630,90 71,6% 7,17% 10,54% 6,61 5,25% 2,2 100,00% 102,2 15-01-20 15-01-28 15-01-28 5,98 1 100.000
Par-UK Law PARE 5.073 2839,78 56,8% 5,90% 9,28% 10,23 3,38% 0,7 100,00% 100,7 30-09-19 30-09-29 31-12-38 9,77 -2 1
Euro 47 AN47 750 3591,57 69,7% 8,63% 9,45% 10,79 6,25% 3,8 100,00% 103,8 09-11-19 09-11-47 09-11-47 9,86 2 100.000
(2) Calculated with OTC Euro Prices. (Source:Reuters).

Inputs GDP Warrants Benchmark

Badlar private banks 51,3% Price (Ar$) Price (Orig Currcy) 1d-ch 1w-ch US TREAS YTM 1d ch. (bp)
Badlar average 5d 52,05% Ar$ (TVPP) 1,8 1,8 4,2% 12,9% 2Years 1,81% -5
Reference rate 7d 66,66% US$ (TVPA) 121,0 2,7 2,0% 6,1% 5Years 1,79% -6
CER 14,847 US$ (TVPY) 139,0 3,1 -0,2% 12,2% 10Years 2,03% -6
Ar$/US$ Com 3500 43,87 € (TVPE) 155,0 3,1 6,3% 1,3% 30Years 2,52% -6
Ar$/US$ BCS / CCL 44,33

Ar$/€ 49,60
 ARGENTINA SOVEREIGN DEBT
18-jun-2019
Outst. Current Accrued Residual Technical Next Payment Modified 1d change Spread
Instrument Ar$ BYMA Parity YTM Duration Coupon Maturity
Am. (mln) Yield Interest Value Value Interest Principal Duration YTM (bp) (bp)
day/month/year

Badlar Adjusted Bonds in Pesos (3)

Bonar AM20 16.728 101,50 98,8% 54,50% 70,67% 0,61 55,30% 2,73 100,00% 102,7 01-09-19 01-03-20 01-03-20 0,52 97 514
Bocon PR15 2.560 161,55 83,1% 56,45% 96,55% 0,92 52,05% 19,02 100,00% 194,5 04-07-19 04-07-19 04-10-22 0,74 84 2.157
Bonar AA22 30.000 98,00 88,0% 55,07% 81,89% 1,34 54,05% 11,40 100,00% 111,4 03-07-19 03-04-22 03-04-22 1,11 94 1.248
(3) YTM in nominal terms. We assume that the last known rate of the cash flow is fixed. Spread over Badlar: AO17 300bp, AMX8 275bp, AMX9 250bp, AM20 325bp, AA22 200bp.
(4)
Pesos (Inflation Adjusted)
BONCER 2020 TC20 57.362 175,90 64,7% 2,87% 36,41% 0,85 2,25% 0,32 100,00% 225,0 28-10-19 28-04-20 28-04-20 0,72 -16
Bocon PR13 922 360,00 61,6% 3,25% 28,00% 1,93 2,00% 0,01 47,71% 584,2 15-07-19 15-07-19 15-03-24 1,89 -148
BONCER 2021 TC21 26.736 155,99 64,7% 3,83% 27,16% 2,01 2,50% 1,02 100,00% 241,1 22-07-19 22-07-21 22-07-21 1,77 -61
BONCER 2023 TC23 28.300 112,70 66,1% 5,99% 17,48% 3,37 4,00% 1,14 100,00% 170,6 06-09-19 06-03-23 06-03-23 3,10 5
Boncer 2025 TC25P 29.098 110,02 67,3% 5,91% 12,31% 5,08 4,00% 0,58 100,00% 163,4 27-10-19 27-04-25 27-04-25 4,79 3
Disc ArgL DICP 10.472 874,50 66,4% 8,55% 12,47% 6,36 5,83% 3,48 100,00% 1317,2 30-06-19 30-06-24 31-12-33 5,99 -69
Par ArgL PARP 2.858 312,00 30,8% 5,73% 12,58% 10,62 1,77% 0,39 100,00% 1013,4 30-09-19 30-09-29 31-12-38 9,99 1
Cuasipar ArgL CUAP 23.434 415,50 29,2% 11,17% 14,42% 8,84 3,31% 1,55 100,00% 1423,4 30-06-19 31-12-36 31-12-45 8,25 60
(4) YTM in real terms

Pesos Fix Rate

Bono TN20 55.753 100,00 97,9% 26,01% 29,52% 1,28 26,00% 2,02 100,00% 102,1 21-11-19 21-11-20 21-11-20 1,11 7
Bono TO21 62.500 69,00 66,4% 26,39% 48,22% 1,82 18,20% 3,84 100,00% 103,9 03-10-19 03-10-21 03-10-21 1,47 9
Bono TO23 64.151 67,56 65,7% 23,69% 33,76% 2,93 16,00% 2,76 100,00% 102,8 17-10-19 17-10-23 17-10-23 2,50 -97
Bono TO26 96.570 68,56 66,7% 22,62% 27,83% 3,88 15,50% 2,67 100,00% 102,7 17-10-19 17-10-26 17-10-26 3,41 -83

Dual Currency
AF20 Dólares 1.637 4076,08 88,3% 8,12% 26,26% 0,66 4,50% 4,20 100,00% 104,1 13-02-20 13-02-20 13-02-20 0,65 175
AF20 Pesos 1.637 4076,08 117,1% 45,64% 7,95% 0,66 28,20% 26,32 100,00% 126,3 13-02-20 13-02-20 13-02-20 0,66 -90

Pesos (Inflation Adjusted/Fix Rate)

Bono CER A2M2 30.000 145,34 81,7% 0,00% 37,64% 0,72 4,00% 8,70 100,00% 177,8 06-03-20 06-03-20 06-03-20 0,41 24
Bono Tasa Fija A2M2 30.000 145,34 91,8% 0,00% 1,03% 0,73 21,00% 27,01 100,00% 158,3 06-03-20 06-03-20 06-03-20 0,71 -10

Pesos Repo Rate 7d

Bono TJ20 104.399 115,42 99,1% 58,31% 87,39% 0,69 66,66% 16,44 100,00% 116,4 21-06-19 21-06-20 21-06-20 0,57 -243 134
Sub-Sovereign Badlar Adjusted Bonds in Pesos (5)
PBD19 (Prov. Bs. As) 29.953 97,76 95,7% 57,81% 86,54% 0,43 56,05% 2,15 100,00% 102,1 06-09-19 06-12-19 06-12-19 0,35 88 1542
RN20 (Prov. Río Negro) 1.800 98,66 88,3% 57,67% 100,35% 0,75 57,05% 11,72 100,00% 111,7 06-07-19 06-07-20 06-07-20 0,60 24 2384
PMJ21 (Prov. Mendoza) 5.219 78,20 76,9% 73,76% 111,03% 1,19 56,43% 1,70 100,00% 101,7 09-09-19 09-06-21 09-06-21 0,93 1 3006
BDC22 (CABA) 3.708 92,92 85,2% 61,23% 91,93% 1,28 57,05% 9,07 100,00% 109,1 23-07-19 23-01-22 23-01-22 1,04 -15 1876
SA21 (Prov. Salta) 400 95,21 83,5% 60,41% 97,33% 1,17 57,05% 14,07 100,00% 114,1 22-06-19 22-12-21 22-12-21 0,94 -15 2204
PBY22 (Prov. Bs. As) 15.182 86,37 83,8% 65,23% 89,58% 1,44 55,88% 3,06 100,00% 103,1 31-08-19 31-05-22 31-05-22 1,18 -75 1731
BDC24 (CABA) 9.430 93,60 83,1% 59,56% 88,93% 1,44 55,30% 12,58 100,00% 112,6 29-06-19 29-03-24 29-03-24 1,18 -108 1691
PBA25 (Prov. Bs. As) 30.000 91,03 82,3% 61,13% 89,88% 1,49 55,80% 10,55 100,00% 110,5 12-07-19 12-04-25 12-04-25 1,21 -39 1750
BDC28 (CABA) 13.262 86,46 82,8% 65,07% 87,19% 1,64 55,80% 4,43 100,00% 104,4 22-08-19 22-02-28 22-02-28 1,35 -27 1583
(5) YTM in nominal terms. We assume that the last known rate of the cash flow is fixed. Spread over Badlar: PBD19 400bp,RN20 500bp, PMJ21 438bp, BDC22 500bp, PMY22 383bp, BDC24 325bp, BDC28 375bp.
 18-jun-2019

Outst. Current Accrued Residual Technical Next Payment Modified 1d change Min.
Instrument Ar$ BYMA Parity YTM Duration Coupon Maturity
Am. (mln) Yield Interest Value Value Interest Principal Duration YTM (bp) Denom.
day/month/year

Dollar-Linked (1) U$S

ARGENTINA PROVINCIAL DEBT
PUM21 (Chubut) 44 2042,00 91,2% 4,88% 16,38% 0,84 4,50% 0,51 50,00% 50,5 30-06-19 30-06-19 30-03-21 0,81 251
(1) Pay Out in Ar$ at official exchange rate

US Dollar (2) U$S

PBJ21 (Prov. Bs As) 899 4047,06 91,3% 10,90% 17,92% 1,37 9,95% 0,30 100,00% 100,0 09-12-19 09-06-20 09-06-21 1,26 -9 150.000

CO21D (Prov. Córdoba) 725 3842,89 86,5% 8,22% 15,87% 1,87 7,13% 0,20 100,00% 100,2 10-12-19 10-06-21 10-06-21 1,73 2 150.000

PBF23 (Prov. Bs As) 750 3595,00 79,3% 8,01% 17,53% 2,32 6,50% 2,26 100,00% 102,3 15-08-19 15-02-21 15-02-23 2,14 76 1.000

PBM24 (Prov. Bs. As) 1.250 3717,63 81,9% 10,88% 16,56% 3,06 9,13% 2,38 100,00% 102,4 16-09-19 16-03-22 16-03-24 2,82 24 150.000

CO26 (Prov. Córdoba) 300 3500,00 78,1% 8,46% 13,99% 2,93 7,13% 1,05 100,00% 101,0 27-07-19 27-07-19 27-10-26 2,83 35 1.000

PMY24 (Prov. Mendoza) 500 3755,27 84,1% 9,89% 14,32% 3,30 8,38% 0,72 100,00% 100,7 19-11-19 19-05-22 19-05-24 3,08 -25 150.000

SA24D (Prov. Salta) 300 3706,98 80,3% 10,91% 16,95% 3,18 9,13% 4,13 100,00% 104,1 07-07-19 07-07-22 07-07-24 2,93 -16 150.000

RIF25 (Prov. La Rioja) 200 3530,12 77,2% 12,24% 18,93% 3,20 9,75% 3,14 100,00% 103,1 24-08-19 24-02-22 24-02-25 2,92 18 150.000

PUL26 (Prov. Chubut) 650 3974,30 88,6% 8,64% 11,80% 3,40 7,75% 1,16 100,00% 101,2 26-07-19 26-10-20 26-07-26 3,30 -9 150.000

ERF25 (Prov. Entre Ríos) 500 3267,13 71,4% 11,87% 19,41% 3,54 8,75% 3,21 100,00% 103,2 08-08-19 08-02-23 08-02-25 3,22 12 150.000

NDT11 (Prov. Neuquén) 349 4522,73 101,1% 8,45% 8,58% 3,89 8,63% 0,91 100,00% 100,9 12-08-19 12-05-20 12-05-28 3,81 -38 150.000

RND25 (Prov. Rio Negro) 300 2976,64 67,0% 11,54% 18,19% 4,25 7,75% 0,28 100,00% 100,3 07-12-19 07-12-23 07-12-25 3,90 1 150.000

PBJ27 (Prov. Bs. As) 1.750 3356,93 75,7% 10,40% 13,80% 5,21 7,88% 0,11 100,00% 100,1 15-12-19 15-06-25 15-06-27 4,87 7 150.000

CO27D (Prov. Córdoba) 450 3529,43 77,5% 8,95% 11,92% 5,80 7,13% 2,75 100,00% 102,8 01-08-19 01-08-27 01-08-27 5,48 -3 150.000

BPLD (Prov. Bs As) 488 2600,00 58,4% 6,82% 13,19% 5,67 4,00% 0,39 100,00% 100,4 15-11-19 15-11-20 15-05-35 5,32 173 1
(2) Calculated with OTC USD Prices.
 18-jun-2019

Treasury USD Bills Treasury AR$ Bills Treasury AR$ Bill (Inflation Adjusted)

Instrument Maturity Sec. Market Instrument Maturity Sec. Market Instrument Maturity Sec Market

BYMA Date TNA BYMA Date DAYS TNA BYMA Date Days TEA
U26L9 26-Jul-19 2,1% S28J9 28-Jun-19 14 51,80% X31Y9 31-May-19 -14 #¡VALOR!
U16G9 16-Aug-19 3,3% S19L9 19-Jul-19 35 52,20% X30G9 30-Aug-19 77 20,68%
U30G9 30-Aug-19 3,3% S31L9 31-Jul-19 47 53,41% X30S9 30-Sep-19 108 #¡VALOR!
U13S9 13-Sep-19 4,0% S30S9 30-Sep-19 108 56,54%
U27S9 27-Sep-19 4,4% S31O9 31-Oct-19 139 56,53%
U11O9 11-Oct-19 4,6% S28F0 28-Feb-20 259 60,35%
U25O9 25-Oct-19 4,3% S30A0 30-Apr-20 321 61,01%
U15N9 15-Nov-19 4,2% S31L0 31-Jul-20 413 57,74%
U29N9 29-Nov-19 4,8%

0 -02-Jan-08

Treasury USD Bills Treasury AR$ Bills Treasury AR$ Bill (Inflation Adjusted)
6,0% 65,0% 25,0%
5,5%

5,0%
60,0%
4,5%

4,0% 20,0%

3,5%
55,0%
3,0%

2,5%
15,0%
2,0% 50,0%
40 60 80
0 25 50 75 100 125 150 175 0 100 200 300 400 500
 Yield Curves
Inflation Adjusted Bonds in Pesos (Real Rates) US Dollar
40% BONCER 2020 BRAZIL URUGUAY PANAMA ARGENTINA NY Law ARGENTINA Arg Law
35% TC20
30% Boncer 2025
25% Bocon PR13 Cuasipar ArgL 20%
BONCER 2021 TC25P
20% CUAP 18%
TC21 Par ArgL PARP
15% BONCER 2023 16%
10% TC23 Disc ArgL DICP
5% 14%
0 2 4 6 8 10 12 12%

YTM
10%
8%
Dollar Sub-Sovereign Debt
6%
28%
4%
24% RIF25
SA24D 2%
20% PBF23
RND25 0%
ERF25 PBJ27 0 2 4 6 8 10 12 14 16
16%
CO21D PBM24 CO27D Duration
12%
CO26 BPLD
8% PUL26 NDT11 ;
PMY24
1,5 2,5 3,5 4,5 5,5 6,5 INSTR. (USD) COUPON PRICE CUR. YIELD ASK YTM DUR. 1d ch (bp)

Peso Sovereign Debt BRASIL 21 4,88% 103,45 4,71% 2,66% 1,52 -1

35% BRASIL 24 8,88% 126,97 6,99% 2,87% 4,08 -7
31% Sovereign
BRASIL 26 6,00% 114,63 5,23% 3,59% 5,71 2
27% PR15 PMJ21 BDC22 Sub-Sovereign
RN20 BRASIL 30 12,25% 163,13 7,51% 4,74% 7,08 -5
23%
19% BRASIL 34 8,25% 133,25 6,19% 5,07% 9,30 -1
SA21 PBY22
15% BRASIL 41 18
VENEZUELA 5,63% 105,73 5,32% 5,25% 12,67 0
11% PBD19 13,63% 33,00 41,29% 0,00% 0,00 0
AA22 UCRANIA 20 5,62% 101,48 5,54% 3,06% 0,57 -22
7% AM20
UCRANIA 24 7,75% 101,57 7,63% 7,51% 4,29 -1
3%
UCRANIA 28 9,75% 108,51 8,99% 8,59% 6,41 0
0 1
URUGUAY 24 4,50% 106,39 4,23% 2,87% 3,78 -6
U.S. Treasuries URUGUAY 27 4,38% 107,66 4,06% 3,22% 6,37 1
URUGUAY 33 7,88% 142,62 5,52% 3,86% 9,21 -2
U$S Today €uro Today U$S 6M
URUGUAY 50 5,10% 111,11 4,59% 4,48% 16,37 -1
4,0%
3,5% CHILE 20 3,88% 102,46 3,78% 1,67% 1,10 -8
3,0% CHILE 22 2,25% 100,84 2,23% 2,00% 3,25 -4
2,5% CHILE 42 3,63% 105,75 3,43% 3,30% 16,09 -9
2,0%
1,5% Source: Reuters, Allaria Ledesma & Cia.
1,0%
0,5%
0,0%
-0,5%
-1,0%
0 5 10 15 20 25 30
 Price Sensitivity Tables

AR Pesos Fix Rate (YTM in Nominal Terms) AR Pesos Repo 7d AR Pesos Badlar
TN20 Fixed Rate Bond Oct 2023 (TO23) Bond Oct 2021 (TO21) TJ20 BOCON PR15 Bonar AA22
YTM Price($) Pr.Change YTM Price($) Pr.Change YTM Price($) Pr.Change YTM Price($) Pr.Change YTM Price($) Pr.Change YTM Price($) Pr.Change
30,32% 99,23 -0,77% 34,56% 66,40 -1,71% 49,02% 68,33 -0,96% 88,19% 115,08 -0,30% 97,35% 160,95 -0,37% 82,69% 97,43 -0,58%
30,12% 99,42 -0,58% 34,36% 66,69 -1,29% 48,82% 68,50 -0,72% 87,99% 115,17 -0,22% 97,15% 161,10 -0,28% 82,49% 97,57 -0,44%
29,92% 99,61 -0,39% 34,16% 66,98 -0,86% 48,62% 68,67 -0,48% 87,79% 115,25 -0,15% 96,95% 161,25 -0,19% 82,29% 97,71 -0,29%
29,72% 99,81 -0,19% 33,96% 67,27 -0,43% 48,42% 68,83 -0,24% 87,59% 115,34 -0,07% 96,75% 161,40 -0,09% 82,09% 97,86 -0,15%
29,52% 100,00 0,00% 33,76% 67,56 0,00% 48,22% 69,00 0,00% 87,39% 115,42 0,00% 96,55% 161,55 0,00% 81,89% 98,00 0,00%
29,32% 100,19 0,19% 33,56% 67,85 0,43% 48,02% 69,17 0,24% 87,19% 115,51 0,07% 96,35% 161,70 0,09% 81,69% 98,14 0,15%
29,12% 100,39 0,39% 33,36% 68,15 0,87% 47,82% 69,34 0,49% 86,99% 115,59 0,15% 96,15% 161,85 0,19% 81,49% 98,29 0,30%
28,92% 100,59 0,59% 33,16% 68,45 1,31% 47,62% 69,51 0,73% 86,79% 115,68 0,22% 95,95% 162,01 0,28% 81,29% 98,43 0,44%
28,72% 100,78 0,78% 32,96% 68,75 1,76% 47,42% 69,68 0,98% 86,59% 115,77 0,30% 95,75% 162,16 0,38% 81,09% 98,58 0,59%

AR Pesos Inflation adjusted (YTM in Real Terms) US Dollar (*)

Boncer TC21 DISCOUNT AR$ AA21 AA26 AA46 AC17

YTM Price($) Pr.Change YTM Price($) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change
27,56% 155,01 -0,63% 12,87% 855,05 -2,22% 15,33% 88,68 -0,60% 11,74% 82,86 -1,86% 11,00% 74,04 -3,42% 10,35% 73,90 -3,61%
27,46% 155,26 -0,47% 12,77% 859,85 -1,67% 15,23% 88,81 -0,45% 11,64% 83,25 -1,40% 10,90% 74,68 -2,58% 10,25% 74,58 -2,73%
27,36% 155,50 -0,32% 12,67% 864,69 -1,12% 15,13% 88,94 -0,30% 11,54% 83,65 -0,94% 10,80% 75,33 -1,74% 10,15% 75,26 -1,84%
27,26% 155,75 -0,16% 12,57% 869,58 -0,56% 15,03% 89,08 -0,15% 11,44% 84,04 -0,47% 10,70% 75,99 -0,87% 10,05% 75,96 -0,93%
27,16% 155,99 0,00% 12,47% 874,50 0,00% 14,93% 89,21 0,00% 11,34% 84,44 0,00% 10,60% 76,66 0,00% 9,95% 76,67 0,00%
27,06% 156,24 0,16% 12,37% 879,47 0,57% 14,83% 89,35 0,15% 11,24% 84,84 0,47% 10,50% 77,34 0,89% 9,85% 77,40 0,95%
26,96% 156,49 0,32% 12,27% 884,48 1,14% 14,73% 89,48 0,30% 11,14% 85,24 0,95% 10,40% 78,04 1,79% 9,75% 78,14 1,92%
26,86% 156,74 0,48% 12,17% 889,53 1,72% 14,63% 89,62 0,46% 11,04% 85,64 1,43% 10,30% 78,74 2,71% 9,65% 78,90 2,90%
26,76% 156,98 0,64% 12,07% 894,63 2,30% 14,53% 89,76 0,61% 10,94% 86,05 1,91% 10,20% 79,46 3,64% 9,55% 79,67 3,91%

US Dollar (*) Provincial US Dollar (*)

Bonar 2020 Bonar 2024 DISCOUNT US$ (ARG LAW) PAR US$ (ARG LAW) COR21 PBM24
YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change YTM Price(US$) Pr.Change
16,94% 92,10 -0,43% 19,68% 66,98 -7,74% 13,46% 110,28 -2,04% 10,46% 54,44 -3,48% 16,27% 86,14 -0,64% 16,96% 83,00 -1,04%
16,84% 92,20 -0,32% 18,68% 68,31 -5,90% 13,36% 110,85 -1,54% 10,36% 54,92 -2,62% 16,17% 86,28 -0,48% 16,86% 83,22 -0,78%
16,74% 92,30 -0,21% 17,68% 69,69 -4,01% 13,26% 111,42 -1,03% 10,26% 55,41 -1,76% 16,07% 86,42 -0,32% 16,76% 83,43 -0,52%
16,64% 92,40 -0,11% 16,68% 71,12 -2,04% 13,16% 112,00 -0,52% 10,16% 55,90 -0,89% 15,97% 86,56 -0,16% 16,66% 83,65 -0,26%
16,54% 92,50 0,00% 15,68% 72,60 0,00% 13,06% 112,58 0,00% 10,06% 56,40 0,00% 15,87% 86,70 0,00% 16,56% 83,87 0,00%
16,44% 92,60 0,11% 14,68% 74,14 2,11% 12,96% 113,16 0,52% 9,96% 56,91 0,90% 15,77% 86,84 0,16% 16,46% 84,09 0,26%
16,34% 92,70 0,21% 13,68% 75,73 4,31% 12,86% 113,75 1,05% 9,86% 57,42 1,81% 15,67% 86,98 0,32% 16,36% 84,31 0,53%
16,24% 92,80 0,32% 12,68% 77,38 6,59% 12,76% 114,35 1,58% 9,76% 57,94 2,72% 15,57% 87,12 0,48% 16,26% 84,54 0,79%
16,14% 92,90 0,43% 11,68% 79,10 8,95% 12,66% 114,95 2,11% 9,66% 58,46 3,66% 15,47% 87,26 0,65% 16,16% 84,76 1,06%

(*) Calculated with OTC USD Prices.

 10%
15%
20%
25%

0%
5%
12%
16%
20%
28%
32%
36%

24%

0%
4%
8%
15%
25%
35%
65%
75%
85%
95%

45%
55%
may-15 may-…
nov-09 ago-16
ago-15
may-…
nov-15 nov-16

IN US DOLLAR
ç
nov-10
AR PESOS Badlar
feb-16 may-… feb-17
may-16 nov-11
may-… may-17
ago-16
nov-12
nov-16 may-… ago-17

AR Pesos Inflation Adjusted

nov-13

Bonar V AJ12
feb-17
may-… nov-17
may-17

Source: BCBA, Allaria Ledesma & Cia.

PR13
nov-14

AY24
ago-17 may-… feb-18
Bonar AM20

nov-17 nov-15 may-18

feb-18 may-…
nov-16 ago-18
may-18
may-…
ago-18 nov-17 nov-18
nov-18 may-…
nov-18 feb-19
feb-19
may-…
may-19 may-19

12%
16%
20%

0%
4%
8%
15%
25%
45%
55%
75%
85%

35%
65%

10%
20%

15%

5%

0%
may-…
may-15 may-18
nov-09
ago-15 may-… jun-18
nov-15 nov-10
jul-18
may-…
feb-16
nov-11 ago-18
may-16 may-…
sep-18
ago-16 nov-12
may-… oct-18
nov-16
nov-13
feb-17 nov-18
may-…
DICP

may-17 nov-14 dic-18

DICY may-…
ago-17
YTM

ene-19
Bonar AMX9

nov-15
nov-17
HISTORICAL YIELDS

may-… feb-19
feb-18 nov-16 mar-19
may-18 may-…
nov-17 abr-19
ago-18
may-… may-19
nov-18
nov-18
feb-19 may-… jun-19
may-19
10%
15%

5%
12%
16%

8%

0%
4%
20%
40%
60%
80%

10%
30%
50%
70%
90%
100%
110%

may-15 may-09
may-15
ago-15 nov-09
may-10 ago-15
nov-15
nov-10 nov-15
feb-16 may-11 feb-16
may-16 nov-11
may-16
may-12
ago-16 nov-12 ago-16
nov-16 may-13 nov-16
feb-17
nov-13 feb-17
may-14
may-17 may-17
PARP

nov-14
PARY

ago-17 may-15 ago-17

Bocon PR15

nov-15 nov-17
nov-17
may-16 feb-18
feb-18 nov-16
may-18
may-18 may-17
nov-17 ago-18
ago-18
may-18 nov-18
42184

nov-18 nov-18 feb-19

feb-19 may-19
may-19
may-19