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EMERGING MARKETS CORPORATE BOND

YPF Obligación Negociable (YM43)

TickerYM43ListingYPF S.A. · USD-denominatedPortfolio weight1.0%As ofOctober 28, 2026
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FINANCIAL OVERVIEW

What it is and why we own it.

The business

The portfolio's exposure to YPF, Argentina's largest energy company, through a US-dollar corporate bond (obligación negociable). It is an emerging-markets corporate bond: it pays periodic coupons and repays principal at maturity, and its price moves with Argentine credit risk, oil prices and US rates.

Role in the portfolio

Emerging-markets corporate credit that adds dollar-denominated income and diversification away from equity risk. It is the smallest position and gives the portfolio a modest stake in YPF as an issuer.

What drives the numbers

  • Yield to maturity and spread over US Treasuries
  • Argentine country risk
  • YPF cash flow, leverage and Vaca Muerta production
  • The oil price

Key risks

  • Credit and country risk
  • Lower liquidity than large-cap equities
  • Changes in local regulation or the foreign-exchange regime

CHART

Price and technical analysis.

Charts and market data by TradingView

Technical summary

Charts and market data by TradingView

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