In today’s briefing:
- Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion
- Lucror Analytics – Morning Views Asia
Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion
- We are initiating coverage on YPF with an Outperform recommendation.
- Improving macroeconomic conditions in Argentina and YPF’s strategic focus on expanding unconventional production and investing in infrastructure, particularly export capacity, are expected to enhance its credit profile.
- We favor the YPFDAR (Caa3/CCC/CCC) 8.500% 2029 unsecured bonds, YPFDAR 9.000% 2029 unsecured bonds, and YPFDAR 9.500% 2031 secured bonds.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group
- In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).
- Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
