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31/07/2017 0:00 -
¿Has capital market activity increased in Argentina over 2016/17?
Let’s start by summarizing the activity level in domestic primary securities markets. All of the following analysis is based on monthly reports developed by Instituto Argentino de Mercado de Capitales (Argentine Institute of Capital Markets). Chart 1 shows the yearly volume of financing through securities offering since 2000, breaking down the total between offerings from either large or small and medium enterprises (SMEs).

Total financing from securities offerings grew 29.75% YOY in 2016, and stood 41.8% over its average for the 2011-2015 period. As if June 2017, total securities offerings are 60.2% YOY. However, it remains to be seen if the current acceleration of activity in primary markets is not related to political uncertainty in the second semester, which could slow down securities offerings over the rest of the year.
If we break down securities offerings from large companies’ according to the type of securities being issued, we find that 2016 has further established the trend for a larger share of corporate debt issuances, while also displaying an uptick in equity offerings.

Going over SMEs’ financing structure, we can evidence a certain stagnation over 2016, with a 2.2% fall in total securities issuances that still allows it to remain 35.7% above the 2011-2015 average. Over the first half of 2017, SMEs’ security issuance has grown at a 21% rate on a year-over-year basis, but its share of total primary activity has further receded. As far as the composition of SMEs’ financing, deferred payment checks have seen their participation increase to 95%, whereas debt issuances have advanced slightly.

The main domestic secondary securities markets have seen their total traded volume increase 56.9% YOY in 2016, whereas as of June 2017 total traded volume is already 50% year-over year.

In terms of its structure, sovereign debt issuances remain the most traded product, with almost 80% of total traded volume for the first semester of 2017, over 10 percentage points over the average for 2011-2015. Stocks only represent a mere 5% of total trading, less than half than what they did a decade ago and 1 percentage point below their 2015 level

 Institutional video

Institutional Video of the Bolsa de Comercio of Rosario (Rosario Board of Trade)

 Rosario Board of Trade

The Rosario Board of Trade is a centennial institution located in Rosario, in the most important agroindustrial zone of Argentina. Throughout its history it has created and boosted transparent, solid and reliable markets: the Grains Physical Market, the Futures Market, the Capital Market, and the Livestock Market.

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Bolsa de Comercio de Rosario Córdoba 1402 - S2000AWV
TE: (54 341) 5258300 / 4102600
Rosario - Santa Fe - Argentina

Oficina Buenos Aires Reconquista 458 piso 7° - C1003ABJ - Cdad. de Buenos Aires.
Tel: (54 - 011) 43280390/1484 43939391/9649- Fax: (54 - 011) 43939649