|Bid||5.64 x 1300|
|Ask||5.68 x 1300|
|Day's Range||5.56 - 5.97|
|52 Week Range||4.00 - 18.66|
|Beta (3Y Monthly)||1.24|
|PE Ratio (TTM)||0.37|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||20.85|
(Bloomberg) -- It was the kind of transaction that would have been mundane just a few weeks ago in Argentina: a company owed a bond payment to foreign and local creditors. It was a large payment, over $130 million in principal alone, but the company, a real-estate firm called IRSA, had plenty of cash to cover it.When it turned over the money to the firm processing the payment, though, things got complicated. Under the new currency rules imposed by the government to try to staunch dollar outflows and stabilize the peso, the cash couldn’t be sent to creditors’ overseas accounts. As the payment was coming due Sept. 9, the firm, Clearstream, began releasing a series of statements confirming the money was, at least temporarily, frozen.All of which has added another layer of confusion and worry to markets in a country already paralyzed by a financial crisis that has the government on the cusp of default for the third time in the past 20 years. Among the most pressing questions traders and investors were grappling with Friday was whether this blocked payment was a technical glitch that the government would resolve soon or a more permanent feature of the controls that would imperil payments by other companies and the government itself in coming weeks.For the time being, most observers seemed willing to wait the situation out, expecting that Argentine officials will quickly tweak the rules so as to avoid corporate bond defaults.“Argentina doesn’t want an accidental default” and will fix the problem, said Siobhan Morden, the head of Latin America fixed income strategy at Amherst Pierpont Securities in New York.An IRSA spokesman declined to comment.Read More on Argentina’s History of DefaultsAt this stage, it appears this snag in the payment chain will affect dollar bonds governed by local laws rather than foreign-law bonds where payments are made directly abroad. Companies, provinces and the federal government often sell both types of notes -- those that are subject to New York law and those under domestic regulations.A central bank official, who asked not to be identified, said the capital controls announced this month do indeed limit these sorts of local transactions. Non-resident holders of local-law bonds need to be paid locally, and rules limiting overseas dollar transfers to $1,000 a month apply to them, the person said.Amos Poncini, who holds the IRSA bond as a fund manager at CBH Compagnie Bancaire Helvetique SA in Geneva, said he feels burned by the delayed payout and said it reflects poorly on Argentina as a whole.“Investors will fly away from there,” he wrote in an email.The money held up in Argentina owed to overseas IRSA creditors totals about $80 million, according to a person with direct knowledge of the matter. The remainder of IRSA’s payment was distributed to local bondholders.IRSA depositary receipts dropped 5.4% to $5.56 in New York trading Friday, while its $71 million of notes due in July 2020 were little changed at about 86.8 cents on the dollar. Securities from oil producer YPF due in 2021 fell 2.1 cents to 82.7 cents on the dollar, while the government’s century bonds due in 2117 fell 1.8 cents to 41.7 cents on the dollar.Of course the bond payment hiccup is only the latest in the list of recent disasters for Argentine investors. Assets have tumbled since an Aug. 11 primary vote showed the opposition was likely to unseat the business-friendly President Mauricio Macri in October elections. The peso has weakened almost 20% since the ballot, prices for the century bond fell by almost half and the Merval stock index lost 46% in dollar terms.Capital controls are blunt instruments and frequently need to be revised as authorities discover surprise implications and loopholes, according to Dirk Willer, an analyst at Citigroup Inc. Officials want to preserve the country’s foreign reserves, but likely want companies to be able to repay debts, he said.“This is likely an unintended consequence of the controls and will likely be revised,” Willer wrote in a note to clients.(Adds details of amount held up in Argentina in 11th paragraph. A previous version of this story was corrected to fix the size of the bond payment.)\--With assistance from Ignacio Olivera Doll, Patrick Gillespie and Aline Oyamada.To contact the reporters on this story: Carolina Millan in Buenos Aires at email@example.com;Pablo Gonzalez in in São Paulo at firstname.lastname@example.org;Ben Bartenstein in New York at email@example.comTo contact the editors responsible for this story: David Papadopoulos at firstname.lastname@example.org, ;Jeremy Herron at email@example.com, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BUENOS AIRES, Argentina , Sept. 9, 2019 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina , announces today its results for ...
BUENOS AIRES, Argentina , May 13, 2019 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina , announces today its results for the ...
NEW YORK, NY / ACCESSWIRE / May 10, 2019 / C-Bond Systems, Inc. (NYSE: IRS ) will be discussing their earnings results in their 2019 Third Quarter Earnings to be held on May 10, 2019 at 3:00 PM Eastern ...
We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of December 31st. In this article we look at what those investors think of Irsa Inversiones y Rprsntcins SA (NYSE:IRS). Irsa […]
NEW YORK, NY / ACCESSWIRE / March 6, 2019 / IRSA Inversiones y Representaciones SA (NYSE: IRS ) will be discussing their earnings results in their 2019 Second Quarter Earnings to be held on March 6, 2019 ...
BUENOS AIRES, Argentina , March 1, 2019 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina , announces today its results for ...
NEW YORK, Jan. 04, 2019 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
The Buenos Aires, Argentina-based company said it had net income of $5.20 per share. Earnings, adjusted for non-recurring gains, came to 37 cents per share. The real estate company posted revenue of $346.9 ...
BUENOS AIRES, Argentina , Nov. 8, 2018 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina , announces today its results for the ...
BUENOS AIRES, Argentina , Nov. 1, 2018 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; ByMA: IRSA), the leading real estate company in Argentina , today announces that it has filed ...