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

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

Initiating Coverage on Pemex: Set to Outperform on Reclassification Potential

Minerva: Balancing an Interesting Credit Story with Acquisition Risks

EM Spreads

Credit

<ul>
<li>We recommend to “BUY” on the new YPFAR 2034 at 8.5%</li>
<li>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</li>
<li>Pricing is expected today, with initial price talk around 8.75%, and now guided at 8.5%.</li>
</ul>


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%.


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

YPF SA

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