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

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

(Bloomberg) -- (Corrects last bullet point to specify that decline is in 2016) 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 2016 and remain stable in 2017
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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YPFD AR (YPF SA)

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