Coria Grupo Empresario presents attractive options for investors, in which the design and the different types of projects stand out. In the last quarter of 2020 and 2021, they will launch 1,000 units, with 120 thousand M2 of works among hotels (Dazzler by Windham in Pilar), restaurants, commercial premises and others. Even in the face of the instability of the dollar, the company's clients obtain a return of no less than 30% when they receive their units. On the rental side, properties for conventional rentals achieve a return of between 2.5 and 3.5%.
The international reserves of the Central Bank of the Republic of Argentina reached this Wednesday the 39.86 billion dollars. Such level constitutes adequate support to contain the volatility of the peso and to guarantee the necessary inputs to continue with the recovery process of the economic activity. Argentina's international reserves compose of a basket of assets that today registered falls in their prices in the context of global fear of a new wave of contagion of Covid 19.
Argentina will be able to use all or part of the $18.6 billion Chinese debt swap that remains in the reserves. However, with conditions that complicate it: 1) it will only be able to count on the part of the loan corresponding to the period of Fernandez de Kirchner's government, some $11 billion and 2) China demands, as an indispensable condition, that the exchange rate is from pesos to yuans, without going through the dollar. Or, eventually euros, but in a minimum amount.
West Texas Intermediate (WTI) crude this morning was down 3.99% and trading at $37.99 a barrel on December delivery contracts. North Sea Brent oil was down 3.29% and was trading at $39.85 a barrel on deals for December as well.
The Investment Trade Monitor, prepared by UNCTAD, points out that Foreign Direct Investment (FDI) registered a 40% fall in Argentina in the first half of this year compared to the same period in 2019, affected by an international wave caused by the coronavirus pandemic. Globally, FDI flows fell by 49%, the paper indicates. In Latin America and the Caribbean, FDI flows fell 25% in the first half of the year to $62 billion.
The global sales of Argentine meat grew, in the first nine months of 2020 644,000 tons were exported, which reported 2.002 billion dollars. The total exported is 13% higher than the same period in 2019, but 2% lower in value due to the substantial fall in the average price of the ton of beef on the bone, which concerning the end of last year deteriorated by 22%.
Today the interest on Tideneu bonds (2025) was due for more than 13.7 million dollars. Neuquén announced today that it would not pay. The government is trying to get the creditors to accept the restructuring offer that expires this Friday. It will be entered in a 30 day grace period to do so and avoid default. The government of Neuquen intends to restructure a total of $704 million, one of the highest debts after Buenos Aires and Córdoba.
Following the pandemic, the firm will invest an additional $30 million to enlarge the site where the plant locates to accompany the launch of a new ship in October 2023.
Cresud, one of Argentina’s largest agriculture companies, launched an invitation to holders of its 9% dollar-denominated bonds due this November to exchange them for cash and new bonds with longer maturities, as capital controls prevent it from making the payment on time. The company offer to exchange $44.2 million of the $73.6 million in existing bonds for two new notes paying the same interest in an invitation open from October 26 to November 5, according to a securities filing. One of the new notes will mature in three years, the other in two, adding that the additional 40% of the money will pay back in cash.
Argentine feedlots operator Inversora Juramento said it could raise to 4.1 billion pesos ($52.4 million) in a follow-on share offering to fund its operations, including the acquisition of land and cattle. Inversora Juramento is controlled by Jorge H. Brito, who is also the chairman of Banco Macro.