Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

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

Argentina

YPF Sociedad Anonima is involved in the exploration, development and production of crude oil, natural gas and liquefied petroleum gas. The Company also refines, markets, and distributes oil alongside its derivatives YPF generates nearly all of its revenue inside Argentina, and has headquarters in Buenos Aires, Argentina.

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YPF SA (YPF US)

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

Initiating coverage on YPF with an Outperform recommendation due to strategic focus on expanding production and investing in infrastructure,...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​Initiating coverage on YPF with an Outperform recommendation due to strategic focus on expanding production and investing in infrastructure,...

Leandro Gubler

Initiating coverage on YPF with an Outperform recommendation due to strategic focus on expanding production and investing in infrastructure,...