HALISTER1: Argentina’s YPF Dollar Bonds Rated Outperform at UBS

Argentina’s YPF Dollar Bonds Rated Outperform at UBS

(Bloomberg) -- UBS initiates coverage of YPF’s 21s, 24s and 25s with outperform rating, according to note written by analysts led by Sean Glickenhaus dated Dec. 1.
  • 2021s are favorites as oil reserve life exceeds maturity and yields only 100bps lower than 24s and 25s
  • YPF bond yields are compelling in LatAm context and compared to Bonar
  • UBS sees leverage ratios in FY16 and FY17 to remain similar to 3Q16 at 2.6x gross lev. and 2.1x net. lev.
  • YPF to benefit from lower local oil prices as it buys 15-20% for its downstream business
  • YPF consolidated Ebitda to decline about 15% in 2017
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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YPFD AR (YPF SA)

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