Gramar escribió:Riesgo país debajo de los 500 puntos básicos....
TVPP TVPA TVPY Cupones Vinculados al PBI
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Guille8000
- Mensajes: 981
- Registrado: Lun Oct 26, 2009 4:56 pm
Re: TVPP TVPA TVPY Cupones Vinculados al PBI
Re: TVPP TVPA TVPY Cupones Vinculados al PBI
Riesgo país debajo de los 500 puntos básicos....
Re: TVPP TVPA TVPY Cupones Vinculados al PBI
Se ve que los foristas se levantaron cariñosos!.. 
se tiran unos piropos!!!
se tiran unos piropos!!!Re: TVPP TVPA TVPY Cupones Vinculados al PBI
andysch04 escribió:Muchachos, comentando lo de ayer. Falta guita en el mercado y no se estan demandando las notas del central. Comienza a encarecerse el dinero , principalmente reflejado en tasa call y badlar (miren caucion).
Por suerte tenemos este escenario ante un fuerte ingreso de capitales, por lo que el problema no es el tradicional de que se cae la demanda de dinero.
Los futuros
Off topic (va en títulos): hay que mirar el pr15 con renta badlar.
Re: TVPP TVPA TVPY Cupones Vinculados al PBI
¿+15% ó +-15%? 
Les dejo esto del pirata Stan Lee Morgan. El informe completo en la biblioteca de apolo.
abrazo
salva +2
EM Credit Strategy Update
Argentina GDP Warrants: More
Upside Even Close To All Time Highs
The rally of the last couple of months seems
justified by the substantial credit spread
compression in Argentina. Considering the
increase in GDP growth expectations and our
bullish view on Argentina credit, we believe GDP
warrants are still cheap, despite the recent price
action.
A mere comparison to 2007 is misleading, in our
view. Our calculations show 5 points higher fair
value today than 3 years ago, suggesting further
upside.
We prefer USD warrants over EUR warrants as
MS expects EURUSD to head higher.
The Argentina GDP warrants have enjoyed a strong rally
in the past several months. We believe the increase in the
value of the warrants can be explained by the credit
spread compression enjoyed by Argentina assets: 5Y
CDS rallied from 1200bp in June to currently 640bp. When
we further consider the positive impact of the increase in
the growth expectations (2010 consensus growth for
Argentina increased over 3% in the last 5 months), we
believe GDP warrants are still cheap, despite the material
rally. In fact, we are bullish on Argentina credit and have it
as one of our top overweight in EM Credit Portfolio (please
see EM Credit Portfolio: Sovereign & Corporate, October
29, 2010), suggesting further upside to the fair value of the
warrants as CDS spreads are likely to head lower.
Nonetheless, we find a simple comparison to historical
values misleading. Several factors and input assumptions
are more favorable for warrant pricing today compared
with 2007. Our model indicates that the current fair value
of the USD GDP warrant is around 22.75, 5 points above
the fair values in 2007, offering further upside without
pressuring the discount that has always existed between
model price and market value. This compares very
favorably with the current market price of 13.25 as well.
We believe the discount of market value to model price
still seems excessive (please see ARG GDP Warrant:
Value Despite The Rally, August 11, 2010).
Les dejo esto del pirata Stan Lee Morgan. El informe completo en la biblioteca de apolo.
abrazo
salva +2
EM Credit Strategy Update
Argentina GDP Warrants: More
Upside Even Close To All Time Highs
The rally of the last couple of months seems
justified by the substantial credit spread
compression in Argentina. Considering the
increase in GDP growth expectations and our
bullish view on Argentina credit, we believe GDP
warrants are still cheap, despite the recent price
action.
A mere comparison to 2007 is misleading, in our
view. Our calculations show 5 points higher fair
value today than 3 years ago, suggesting further
upside.
We prefer USD warrants over EUR warrants as
MS expects EURUSD to head higher.
The Argentina GDP warrants have enjoyed a strong rally
in the past several months. We believe the increase in the
value of the warrants can be explained by the credit
spread compression enjoyed by Argentina assets: 5Y
CDS rallied from 1200bp in June to currently 640bp. When
we further consider the positive impact of the increase in
the growth expectations (2010 consensus growth for
Argentina increased over 3% in the last 5 months), we
believe GDP warrants are still cheap, despite the material
rally. In fact, we are bullish on Argentina credit and have it
as one of our top overweight in EM Credit Portfolio (please
see EM Credit Portfolio: Sovereign & Corporate, October
29, 2010), suggesting further upside to the fair value of the
warrants as CDS spreads are likely to head lower.
Nonetheless, we find a simple comparison to historical
values misleading. Several factors and input assumptions
are more favorable for warrant pricing today compared
with 2007. Our model indicates that the current fair value
of the USD GDP warrant is around 22.75, 5 points above
the fair values in 2007, offering further upside without
pressuring the discount that has always existed between
model price and market value. This compares very
favorably with the current market price of 13.25 as well.
We believe the discount of market value to model price
still seems excessive (please see ARG GDP Warrant:
Value Despite The Rally, August 11, 2010).