In today’s briefing:
- Lucror Analytics – Morning Views Asia
- YPF to Price USD 9NC4 Unsecured Notes (IPT: 8.75%, Guidance: 8.50%)
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Sunac China, Fosun International, China Hongqiao
- In the US, the ISM services index expanded to 54.1 (53.5 e / 52.1 p). This was driven by an increase in the prices paid and new orders components, while the employment component was stable.
- Separately, the November JOLTS job openings rose to 8.10 mn (7.74 mn e / 7.84 mn p). The November trade deficit expanded to USD 78.2 bn (USD 78.3 bn e / USD 73.6 bn revised p).
YPF to Price USD 9NC4 Unsecured Notes (IPT: 8.75%, Guidance: 8.50%)
- We recommend to “BUY” on the new YPFAR 2034 at 8.5%
- We believe these bonds offer an appealing yield within YPF’s debt capital structure and are currently trading wide relative to the broader LatAm BB and EM BB curves
- Pricing is expected today, with initial price talk around 8.75%, and now guided at 8.5%.
💡 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
