Bonds indexed to inflation and corporate debt, the alternatives of investors in full crisis

There were no “winning formulas” left.. Amidst the enormous volatility and reversal of the markets, which this year are causing the major Wall Street indices to plummet by up to 27%, and with the growing uncertainty locally, investors are forced to rethink their portfolios and revise their positions to avoid losses in an adverse financial environment.

Inflation appears in the sights of all investors, both for those who bet on the international market and for those looking for tools in the country. The annual figure of 9.1% reported in the United States last week, the highest in 1981, raises concerns about a tighter Federal Reserve with its rate policy and triggers alarms about a possible recession in a major economy.

In Argentina, inflation of 5.3% in June, which according to the consensus of economists will appear “low” when the data for July is known next month, also worries about the rapid spiral in prices and the growing pressure on exchange rates. this generates.

For Lucas Buscaglia, of Inversiónronline, for those who pass the “Argentine risk” in their portfolios, the important thing is “maintain caution in building a portfolio and position in assets less sensitive to the economic slowdown e in high yield fixed income “.

In this sense, the specialist recommends companies in the basic consumption or health sector that “they are interesting alternatives in this context” and reminds them that they can invest in pesos through Cedears (Argentine certificates of deposit). the cards of United Health (ticker symbol UNH), Pepsico (PEP) and Johnson & Johnson (JNJ), are some of those highlighted by Buscaglia.

Locally, the incipient recovery of the debt in pesos after the sharp drop in its prices in June and early this month and the certainty that inflation will remain high for the rest of the year places center stage CER bonds. Yes, with shorter positions.

Juan Manuel Franco, of the SBS Group, said: “June inflation data accelerated marginally, but July high-frequency data points to higher records. This adds to the fact that Batakis announcements suggest there may be, in relative terms, more dollar-related emissions than CERs in the future, the reduction in the supply of the latter leads to a preference for short-term CER “.

corporate debt It appears among the most sought after options by investors and companies seeking to invest “without risk”, associated with politics and macroeconomics and who tell their “stories” with more stable perspectives. “After going through weeks in which volatility and uncertainty have been protagonists at the local levelthere have been several corporate ONs that have managed to stay on the sidelines of that turbulence, “they told Delphos.

The debt of private oil companies is the most sought after by investors these days. Among these are negotiable obligations of Tecpetrol, scheduled for this year, Vista Oil & Gas, scheduled for mid-2023, and Pan American Energand, in the longer term, due to expire in 2027. “Your dollar generation is the common denominator among companies considered” safe, “they added in the advisory.

Finally, the prices of sovereign bonds in dollars, which fell by more than 18% in the month with the Global 2035, can represent an entry point for investors with a very aggressive profile.