QUARTERLY REPORT September 2017

Transcription

1 QUARTERLY REPORT

2 Contents This is our June 2017, for people and companies interested in learning more about the Stock Market in Paraguay and its constant development. We appreciate your interest and hope you find the report useful and informative. Currency futures...2 Securities Issues...4 Statistics...5 Interest rates

3 Currency futures. What is Mark to Market? Unlike forward operations, which are settled in full on maturity, in future markets, profits and losses are realized daily, with the aim of reducing the risk of default. Futures are marked to market, which means that daily gains and losses due to price fluctuations are credited or debited to the account. In other words, changes in the value of futures contracts are realized on a daily basis. 1 What are margins? In future markets, margin is the amount of money or securities that a participant must deposit in case that a credit event transpires, and they are related to the amount of open contracts of the participant. Margins are linked to the volatility of the underlying asset, and one of the methodologies to determine it is the Value at Risk. The required margins will be published monthly by BVPASA. What is a Central Counterparty Clearing House? A central counterparty clearing house (CCP) is a corporate entity that reduces counterparty, operational, settlement, market, legal and default risk for traders. A CCP becomes the counterparty to the buyer and the seller and guarantees the terms of a trade even if one party defaults on the agreement. The CCP collects enough money from each buyer and seller for covering potential losses incurred by not following through on an agreement, resulting in the entity replacing the trade at the current market price. Monetary requirements are based on each trader s exposures and open obligations. BVPASA will be the Central Counterparty for the local Currency Futures Market. Adjustment Price, open positions and how to cancel a position. The adjustment price will be determined by BVPASA, according to internal rules and procedures, immediately after the trading is closed, in order to mark to market all the open contracts at the end of the day. An open position is the number of contracts at a certain date that a participant keeps open. Parties to a futures contract may terminate the contract prior to expiration through an offset. Offset is the transaction of a reversing trade on the exchange. If you are long on a USD contract, you can close the position by taking an offsetting short position on the same exchange. There will be a final margining at the end of the day, and then the position will be closed. In other words, if you buy a futures contract and subsequently sell a comparable contract, you have offset your position and the contract is extinguished. Offset trades must match in respect to the underlying asset, delivery dates, quantity, etc., or the original position will not be effectively terminated. In such cases, price movements in the original contract will continue to result in gains or losses. 1 ESTRADA, JAVIER. Finance in a Nutshell, PEARSON EDUCATION,

4 What are the main advantages of operating Future Contracts instead of Forwards? The parties operate against the market, not themselves, contracts are standardized (amount of the asset, daily price variation limit, etc.), settlements are made daily, not at the end of the contract, and credit risk is low to null thanks to the Central Counterparty. 3

5 Securities Issues Fixed income issues in the second quarter totaled USD ,16. Stocks issues totaled USD ,80 Second quarter issuances detailed below. Second Quarter Fixed Income Issues in domestic currency ISIN Issuer Security Maturity Interest Rate Payment Total Issued PYTNA01F7667 MINISTERIO DE HACIENDA Bond 24/05/2020 7,3% Six-monthly PYTNA02F7674 MINISTERIO DE HACIENDA Bond 26/07/2022 8,0% Six-monthly PYTPO01F7685 TAPE PORA S.A.E. Bond 28/05/2032 9,0% Variable PYTPO02F7692 TAPE PORA S.A.E. Bond 28/05/2032 9,0% Variable PYMUA01F7830 MUNICIPALIDAD DE ASUNCIÓN Bond 16/06/ ,0% Two-yearly PYMUA02F7847 MUNICIPALIDAD DE ASUNCIÓN Bond 15/06/ ,5% Two-yearly PYMUA03F7853 MUNICIPALIDAD DE ASUNCIÓN Bond 15/06/ ,8% Two-yearly TOTAL Second Quarter Stocks registered in domestic currency Company Class Quantity Total Banco Regional S.A.E.C.A. Common Stock A and B Banco Continental S.A.E.C.A Common Stock Multiple Votes A Banco Continental S.A.E.C.A Common Stock B Banco Continental S.A.E.C.A Preferred C Banco Regional S.A.E.C.A. Common Stock A Banco Regional S.A.E.C.A. Common Stock B TOTALS

6 Statistics Trading volume 700,0 Trading Volume USD millions 600,0 591,1 500,0 468,4 400,0 300,0 278,1 200,0 100,0 123,3 98,2 138,9 128,0 193, Trading volume in the second quarter totaled USD Compared with the second quarter of 2016, it represents a decrease of 32,28%. 450,00 400,00 414,71 Trading Volume 350,00 300,00 278,14 250,00 200,00 150,00 100,00 50,00 - sep-16 sep-17 5

7 Share percentage by market Primary 45% Secondary 55% Secondary market in the second quarter represented a 55% of total operations. Secondary Market Trading Volume Secondary market trading in the second quarter totaled USD ,0 300,0 250,0 USD Millions 307,0 200,0 150,0 100,0 50,0-175,3 104,65 62,1 16,7 9,6 20,4 29,

8 I AJI DAJI DAJI DADSADV Trading Share Percentage by Income Type Variable 7,5% Repo 3,7% Fixed Income 88,8% Trading Share Percentage by Currency USD. 26% GS. 74% 7

9 Trading Share Percentage by Security Stocks 7,5% Financial Bonds 4,7% Trust Bonds 1,8% Corporated Bonds 24,0% Subordinated Bonds 24,9% Public Bonds 37,1%. Trading Volume by Company g p Emisor ST SEN Volumen Gs % MINISTERIO DE HACIENDA ,56% VISION BANCO S.A.E.C.A ,77% BANCO CONTINENTAL S.A.E.C.A ,43% MUNICIPALIDAD DE ASUNCIÓN ,52% BANCO BILBAO VIZCAYA ARGENTARIA PARAGUAY S.A ,69% FRIGORIFICO CONCEPCION S.A ,22% TAPE PORA S.A.E ,17% IZAGUIRRE BARRAIL INVERSORA S.A.E.C.A ,28% BANCO ITAÚ PARAGUAY S.A ,27% WISDOM PRODUCT S.A.E.C.A ,48% FINEXPAR S.A.E.C.A ,82% FIDEICOMISO IRREVOCABLE DE TITULARIZACION DE FLUJOS FUTUROS DE CAJ ,58% 8

10 Banco Regional S.A.E.C.A ,47% BANCO ATLAS S.A ,41% GRUPO INTERNACIONAL DE FINANZAS S.A.E.C.A ,38% TAPE RUVICHA S.A.E.C.A ,33% LC RISK MANAGEMENT S.A.E.C.A ,02% RIEDER & CÍA. S.A.C.I ,89% BANCO AMAMBAY S.A ,76% COLONIZADORA SAN AGUSTIN S.A.E.C.A ,59% ELECTROBAN S.A ,59% INNOVARE S.A.E.C.A ,59% CHACOMER S.A.E ,59% FIDEICOMISO LA SUSANA ,47% GAS CORONA S.A.E.C.A ,47% FINANCIERA RÍO S.A.E.C.A ,26% BIEDERMANN PUBLICIDAD S.A ,22% FIDEICOMISO CSA ,15% BLUE DESIGN S.A.E ,15% CREDICENTRO S.A.E.C.A ,13% AUTOMOTORES Y MAQUINARIA S.A.E.C.A ,11% SUDAMERIS BANK S.A.E.C.A ,09% EMSA INMOBILIARIA S.A ,07% B.V.P.A.S.A ,07% TRACTOPAR S.A ,07% BEPSA DEL PARAGUAY S.A.E.C.A ,05% MUNICIPALIDAD DE CIUDAD DEL ESTE ,04% NICOLÁS GONZÁLEZ ODDONE S.A.E.C.A ,03% MERCOTEC S.A.E ,03% KUROSU & CÍA. S.A ,02% FIDEICOMISO STILO HOGAR ,02% PROYEC S.A ,02% RECTORA S.A.E ,02% CASA CENTRO S.A.E.C.A ,02% FINANCIERA EL COMERCIO S.A.E.C.A ,01% FIDEICOMISO DP INTERNACIONAL S.A ,01% FIDEICOMISO CIDESA B ,01% ALEMÁN PARAGUAYO CANADIENSE S.A. (ALPACASA) ,01% SOLAR AHORRO Y FINANZAS S.A.E.C.A ,01% FIDEICOMISO SERVICIOS RÁPIDOS DEL PARAGUAY - HANSEATICA C ,01% DATA SYSTEMS S.A.E.C.A ,01% FINANCIERA PARAGUAYO JAPONESA S.A.E.C.A ,00% MUNICIPALIDAD DE FERNANDO DE LA MORA ,00% COMFAR S.A.E.C.A ,00% INVERFIN S.A.E.C.A ,00% SALLUSTRO & CÍA. S.A ,00% Total % 9

11 Trading by Brokerage House.- Valores CBSA 14,5% Avalon CBSA 15,3% Puente CBSA 15,9% BVPASA Licitación 12,1% Investor CBSA 10,2% Fais CBSA 1,4% Capital Markets CBSA 6,2% Cadiem CBSA 24,6% Securities held in custody at BVPASA. 700 USD MILLONS , , , sep-17 10

12 Interest rates PYG BVPASA rates 15% 14% 13% 12% 11% 10% 9% 8% 7% 6% jul-16 aug-16 sep-16 oct-16 nov-16 dec-16 jan-17 feb-17 mar-17 apr-17 may-17 jun-17 BVPASA. Under 2 years BVPASA. 2 to 5 years BVPASA. Over 5 years USD BVPASA rates 10% 9% 9% 8% 8% 7% 7% 6% 6% jul-16 aug-16 sep-16 oct-16 nov-16 dec-16 jan-17 feb-17 mar-17 apr-17 may-17 jun-17 BVPASA. Under 2 years BVPASA. 2 to 5 years BVPASA. Over 5 years 11

13 Safety and efficiency in securities management and custody. BVPASA main services: Custody of domestic securities Trading made simple for all types of securities issued domestically Clearing and settlement Primary and secondary market are cleared and settled through BVPASA. Equity rights Equity rights (interest and principal) of securities held in custody are paid electronically to direct participants Electronic Registry of Securities Accounts Securities are recorded in individual accounts. Sub-Custody Accounts Banking, financial and related entities may be their own custodians for securities and holdings in their own portfolios, and for their Customers. Online reports Through the Extranet, the investor can check the status of his or her investment portfolio, interest maturities, etc. 12

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