YPF returns to the local market with three $50 million NDOs

Argentina state oil company YPF will launch tomorrow Wednesday on the local market two negotiable obligations in pesos at 12 and 18 months, and a third in dollar linked at 12 months for an amount equivalent to $50 million that could be extended to $150 million. The company also announced the reopening of the Class XLVI bonds due on March 4, 2021.

Industrial production falls 3.9% in November in 19th month of contraction

Argentine industrial production fell 3.9% year-on-year in November, accumulated a retraction of 6.9% in eleven months of 2019 and lost almost 53 thousand formal jobs in a year, thus accumulating 19 months of contraction, according to data from the Argentine Industrial Union (UIA). The most affected sectors were automotive industry (-26.4%), basic metals (-15.4%), and metalworking (-7.1%).

Wholesale prices increased 58.5% in 2019

Wholesale prices rose 58.5% during 2019, after registering a 3.7% increase in December, according to the National Institute of Statistics and Census (Indec). The index exceeds retail inflation by 4.7%, which was 53.8%. This figure is explained as a consequence of the 4.1% increase in "National Products", partially offset by the 0.4% decrease in "Imported Products".

Government suspends Knowledge Economy Law tax benefits

The Minister of Productive Development, Matías Kulfas, suspended the application of the promotion regime of Law 27.506, known as the "Knowledge Economy Law" that granted tax benefits to productive activities based on the intensive use of technology and digital information, which is Argentina's third export activity. Kulfas argues that it is necessary to review these benefits in order to strengthen SMEs through amendments to the law to be discussed in Congress.

Argentina swaps $1.66 billion of Treasury bills to ease payment crunch

Argentina has exchanged five Treasury bills (Lecap) with an original face value of ARG$99.6 billion ($1.66 billion) in a debt swap auction to help push back its repayment schedule. The economy ministry held the auction on Monday of two new peso-denominated bills (Lebad) which will mature on Sept. 18 and Dec. 22. The new debt will have a nominal value of ARG$83.35 billion ($1.39 billion) with all payments on the debt being due on maturity.