Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

YPF to Price USD 9NC4 Unsecured Notes (IPT: 8.75%, Guidance: 8.50%)

Minerva: Balancing an Interesting Credit Story with Acquisition Risks

MercadoLibre: A Credit Look into the Latin American Rising Star

Initiating Coverage on Pemex: Set to Outperform on Reclassification Potential

EM Spreads

Credit

<ul>
<li>We are initiating coverage on YPF with an Outperform recommendation.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion

YPF SA

Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion