TVPP TVPA TVPY Cupones Vinculados al PBI

[martin]

No hay tomadores en cauciones...

Es que con el pago hay liquidez de sobra por lo visto....

[martin]

La triada que siempre monitoreo (la soja, el real y el DJIA) está dando muy buen sosten a los TVPP.......

Tendrías que monitorear también lo más importante: el crecimiento del pbi que da el Indec y que ayer adelantó Cristina.

[risky]

No hay tomadores en cauciones...

[alejoalejo]

risky

Muy bueno

[martin]

No podes poner el target que le ponen al tvpy en el escenario que pague en el 2013. Francamente me cuesta entender que haya gente que vende o compra por ese tipo de recomendaciones. Aunque no se refieren al TVPP, respecto al TVPY, mandaron cualquiera....

[HerrX]

GDP Warrants Overvalued to RBS on Slowdown: Argentina Credit
2011-12-16 13:34:03.982 GMT


By Drew Benson
Dec. 16 (Bloomberg) -- Speculation that Argentina’s economy
will slow more than analysts forecast next year is prompting RBS
Securities Inc. and Standard Chartered Bank to say warrants tied
to growth may be overvalued.
The securities, which pay investors every December based on
the previous year’s economic performance, dropped 4.53 cents to
11.47 cents this week after the government made a $2.5 billion
payment. Siobhan Morden, the head of Latin America strategy at
RBS, said capital flight and higher interest rates may curb
growth next year below the threshold needed to justify a payout
in 2013.
“We’re not recommending warrants,” Morden said. “If
you’re going to buy at this level you have to assume higher
growth for next year than has already been discounted.”
Warrant prices more than doubled the past two years to 15.9
cents before this week’s payment. Argentine dollar bonds
returned 0.3 percent in the period, while Brazilian dollar debt
tumbled 23 percent, according to JPMorgan Chase & Co. data.
Argentine bonds yield 11.59 percent, the highest among 17
developing nations after Venezuela tracked by JPMorgan’s EMBI+
index.
Argentina issued GDP warrants as an incentive to get
investors to take part in debt restructurings in 2005 and 2010.
If growth next year exceeds the 3.26 percent threshold needed to
trigger a payment in 2013, a fair value for the warrants would
be 12.4 cents to 12.8 cents, according to Morden. Without a 2013
payment, they’re worth 7.43 cents, she said. RBS expects
Argentina’s economy to expand 3.6 percent next year after an
estimated 7.9 percent growth in 2011.

Morden es un pesimo analista, no por nada trabaja en RBS. En un pasaje de la nota dice que el crecimiento 2012 no va a superar la barrera de pago, y al final terminan dando una estimacion de 3.6... una contradiccion a solo unas lineas de distancia.

Por suerte Credit Suisse tiene otra mirada:

Credit Suisse Group AG expects growth will slow to 5
percent next year, enough to justify a warrant payment in 2013,
from an estimated 8.7 percent this year.
“We are recommending our clients take a position in the
warrants because there will again be a payment in 2012 and
possibly in 2013,” said Carola Sandy, an economist with Credit
Suisse in New York.

[HerrX]

GDP Warrants Overvalued to RBS on Slowdown: Argentina Credit
2011-12-16 13:34:03.982 GMT


By Drew Benson
Dec. 16 (Bloomberg) -- Speculation that Argentina’s economy
will slow more than analysts forecast next year is prompting RBS
Securities Inc. and Standard Chartered Bank to say warrants tied
to growth may be overvalued.
The securities, which pay investors every December based on
the previous year’s economic performance, dropped 4.53 cents to
11.47 cents this week after the government made a $2.5 billion
payment. Siobhan Morden, the head of Latin America strategy at
RBS, said capital flight and higher interest rates may curb
growth next year below the threshold needed to justify a payout
in 2013.
“We’re not recommending warrants,” Morden said. “If
you’re going to buy at this level you have to assume higher
growth for next year than has already been discounted.”
Warrant prices more than doubled the past two years to 15.9
cents before this week’s payment. Argentine dollar bonds
returned 0.3 percent in the period, while Brazilian dollar debt
tumbled 23 percent, according to JPMorgan Chase & Co. data.
Argentine bonds yield 11.59 percent, the highest among 17
developing nations after Venezuela tracked by JPMorgan’s EMBI+
index.
Argentina issued GDP warrants as an incentive to get
investors to take part in debt restructurings in 2005 and 2010.
If growth next year exceeds the 3.26 percent threshold needed to
trigger a payment in 2013, a fair value for the warrants would
be 12.4 cents to 12.8 cents, according to Morden. Without a 2013
payment, they’re worth 7.43 cents, she said. RBS expects
Argentina’s economy to expand 3.6 percent next year after an
estimated 7.9 percent growth in 2011.

Morden es un pesimo analista, no por nada trabaja en RBS. En un pasaje de la nota dice que el crecimiento 2012 no va a superar la barrera de pago, y al final terminan dando una estimacion de 3.6... una contradiccion a solo unas lineas de distancia.

Por suerte Credit Suisse tiene otra mirada:

Credit Suisse Group AG expects growth will slow to 5
percent next year, enough to justify a warrant payment in 2013,
from an estimated 8.7 percent this year.
“We are recommending our clients take a position in the
warrants because there will again be a payment in 2012 and
possibly in 2013,” said Carola Sandy, an economist with Credit
Suisse in New York.

[nitramus]

La triada que siempre monitoreo (la soja, el real y el DJIA) está dando muy buen sosten a los TVPP.......

[distimia]

que lindo dia!! vamos promediando la compra historica del pp parriba!!!! saludos

[Juan Q]

andy no puedo creer la miopía que tienen algunos analistas y lo mal que valuan a este activo !!!. Un desastre....

quieren reinvertir barato !!

[martin]

andy no puedo creer la miopía que tienen algunos analistas y lo mal que valuan a este activo !!!. Un desastre....

[darkside]

Donde publicaron esa maravilla? Gracias por deajrnos seguir acumulando barato!

[risky]

¿Me van a decir que no es lindo tenerla adentro? la guita digo...

A mucha gente les gusta tenerla adentro. Esa misma gente es la que quiere ver-guita...