In this context, the specialist welcomes exposure to some corporate bonds, or Negotiable Obligations (ON)which equal or exceed the North American price index.
For a moderate investor profile, the stock market company recommends incorporating debt from Celulosa (CRCEO), IRSA (RPC2O) and Pampa Energía (PTSTO). As detailed in a recent report, this portfolio provides an estimated annual return of 8.6% in dollars and has a weighted average maturity of 1.4 years.
At the same time, for a more risky profile, IOL suggests a portfolio with debt from the companies Celulosa (CRCEO), IRSA (RPC2O) and YPF (YCA6O). with an estimated annual return of 11.9%.
In this case, the portfolio offers a tentative return of 11.9% and an adjusted maturity of 2.1 years. “What is particularly interesting regarding this portfolio is that, despite having a longer maturity (generating more risk), the flow is constant, preventing maturities from accumulating in a single period,” Donzelli said.
With a similar look, from Personal Portfolio Investments (PPI) recommend depositing 2/3 of the portfolio in dollars in Negotiable Obligations.
“We are particularly recommending the papers Telecom, Capex, CGC, which mature between 2024 and 2025, and Pan American, which matures in 2027. This portfolio would have a return of more than 8%”, explained Lucas Caldi, Corporate Credit Team Leader of the entity.
Likewise, he also sees attractiveness in Banco Macro’s ONs, which yield approximately 9.5% per year, although he clarified that this investment requires a minimum of 150,000 bonds, for which “it is not for everyone, but for large investors.”
The remaining third PPI suggests investing it in sub-sovereign government bonds. “We recommend distributing 20% in the Córdoba 2026 bond, 60% in the two Neuquén bonds in 2030 (35% in the one that does not have guarantees but yields more and 25% in the one that does have guarantees), and 20% remaining in the City of Buenos Aires 2027”.
According to Caldi, the weighted average return of this portfolio would be greater than 13%. However, he once more warned that a retail investor might only bet on the Córdoba instrument or the Neuquén instrument without guarantees.
Regarding equities, the president of WISE, Walter Morales, said that in this context “the best thing is to be cash (cash) and wait for the shares to bottom out to rebuild the portfolio.”
“Although Wall Street, on average, rises regarding 14% per year, we are in the process of a Federal Reserve that is going to be more aggressive with interest rate increases, and this may cause the S&P 500 to continue lower . If you still want to invest, a good vehicle to beat inflation is bank stocks, such as Wells Fargo and Citi“, he pointed out to this medium.
It is worth remembering that the financial exchange rates (CCL and MEP) registered their highest monthly rise in April since November 2021, and exhibited notable volatility since Tuesday of last week.
Regarding the local factors that brought instability in the foreign exchange market, the inflationary jump stands out, some doubts regarding the fulfillment of the goals agreed with the International Monetary Fund (IMF) in fiscal matters and the accumulation of reserves, and the tensions within of the officialdom.
Likewise, the escape from global risk also had an impact in the midst of the war in Ukraine, the resurgence of Covid-19 in China and the rise in rates in the US, all events that made the dollar strengthen in the world.
