According to the Delphos analysis, these companies have a lower performance than the rest of the instruments of the corporate market, with an IRR below 6.5%. “We believe that it is because these companies do not present complications in terms of debt solvency and offer investors greater credit security,” they considered in the consultancy. This lower performance also affects that, “in addition to offering peace of mind when dealing with their commitments to debtors, these companies usually have a fairly consolidated balance sheet.”
Preference
“Investors’ preference for the ONs of private oil companies is clear, which monopolized the rung of the ONs considered ‘safe’”, analysts at the consultancy wrote. Part of that security is related to the possibility of managing your own dollars.
In the middle segment, with yields ranging between 6.5% and almost 15%, are located energy companies, telecommunications and one of the main banks in the country. “In this section, it is where the yields of local companies are usually located, given the Argentine risk that it has,” they detailed.
At the bottom, with IRR around 25%, the debt of two energy companies lagged behind: YPF and AES. “These two companies usually have problems when it comes to cash management,” said Delphos, detailing: “That is why they have a high return compared to their peers, and their risk is implicit in it.”
Despite the fact that the uncertainty at the local level visibly affected the performance of the companies, from the consultancy they also point to the global context. “Beyond the domestic problems, they seem to have been the most infected by the global context,” they wrote, considering the war in Ukraine and the Fed’s rate hike due to the resurgence of inflation in the United States and the rest of the economies. advanced, which threatens a global recession.
Source: Ambito
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