Published On: August 18th, 2026Categories: Trade Ideas
YPF’s credit story has changed materially. Vaca Muerta is becoming the main driver of the company’s operating profile, supporting lower costs, stronger cash generation and a rapid reduction in leverage. In 2Q26, adjusted EBITDA reached a record USD2.8bn, FCF was positive at USD824mn and net leverage fell to 1.09x. But YPF remains closely linked to Argentina, while VMOS, LLL Oil and Argentina LNG bring significant capital and execution requirements. Our latest investment case looks at how much of the fundamental improvement is already reflected in the bonds and why we currently prefer the short-to-intermediate part of the curve.
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