Fynsa
The IPSA, hovering near 10,000 points, is trading at a discount, and there are several selective buying opportunities. The local fixed-income market is returning to an acceptable level: there are bonds with a YTM of UF + 2.5% that offer very high credit quality.
The reason why the situation for regional banks appears to be different than in March 2023 is that it is not a portfolio holding duration mismatch, but rather a credit quality issue.
Our view for the second quarter of 2023 is more cautious due to recent stresses in the banking sector, which imply tighter credit standards and a higher risk of recession.
