Although Argentines save in dollars to hedge against inflationary erosion, the advance of the phenomenon of rising prices globally forces them to seek options for that your capital does not lose value. With inflation reaching 8.3% per month in the US last month“leaving the money alone” is not an option for investors.
in the market of links interesting options appear especially in what it has to do with the corporate debt. Companies continue to finance themselves on the local market and some do so in dollars, through the issuance of negotiable bonds, securities that have yields of between 3.5% and 10% in hard currency.
The ONs seem ideal for profiles with moderate risk aversion. Investors bet on the results of companies, thus avoiding in a certain way the risks inherent in the macro of public securities, but without the “volatility” related to stockswhich are equity instruments.
Luca Yachefrom capital harehe explained: “In a context in which inflationary pressure globally, and especially in the United States and Europe, is high and constant and the prospect that the deceleration of prices will not be rapid, is the key to making dollars. In global fixed income we do not find even greater attractiveness, which is why We turned to local corporate assets which in the adverse months showed rather low volatility “.
The analyst advises looking for “companies with good balance sheets and good prospects” that have issued dollar instruments, although he warned: “Within this universe, the main risk is the regulatory one, which due to some greater tightening of securities, market access is further restricted Single Free Trade and the like limit your ability to pay in any way“.
Yatch recommended the titles of Cresud, Irsa or Genneiathat has return rates between 9.5% and 10%. Along these lines, Maximliano Donzelli, of Inversion On Line, suggested the ON of Telecomwhich accumulates an annual internal rate of return (IRR) 9.3% higher than inflation in the United States.
Donzelli explained: “We suggest the Telecom Negotiable Obligation (TLC5O), which has deadline August 2025 and offers an attractive payment structure. pay for coupons half yearly at an annual rate of 8.5%, and pays four main annual depreciation rates starting in 2023, reducing the risk not accumulating all the capital at maturity “.
Cohen’s strategist Martin Polo analyzed the recent financial statements of local companies and kept an eye on some such as YPF or Argentina Airports 2000.
Regarding the latter company, Polo pointed out: “The strong recovery in the airline business so far this year has caused the Net Debt / EBITDA to drop to 2.8 times in the second quarter of this year. Its 2031 and 2027 bonds remain attractive options having regard to its performance and given the guarantees provided by the trust with the collection of airport taxes, among other things “.
For Polo, the state-owned oil company could be a good option, with its bonds maturing in 2026. “YPF bonds, with parity close to 60% and high coupons, could be an attractive option,” he said.
NEITHER
Source: Clarin
