GMSA
💰 The MR36 corporate bond from Generación Mediterránea offers a high ~40% yield (TIR) maturing before the 2027 presidential elections.
🛡️ This bond is dollar-linked, providing a hedge against potential devaluation of the Argentine Peso.
⚠️ Significant issuer risk exists due to the company’s history of debt restructuring (‘reperfilamiento’), warranting caution and advising against overweighting the position.
@ClaveBursatilTV:
“Yes, there is one paper that goes until 2027, quite deep into 2027, with a 40% rate, and on top of that, if the dollar rises, it covers you too. How can something be so good? And we are talking about an infamous paper, an infamous paper that meets all those characteristics… the issue is that the issuer doesn’t inspire much confidence… no, no, I know, but they never defaulted… no, they always ‘reprofiled’ you, as Acuña would say… they do an exchange, they do an exchange, but like Bill Gates, you know? When he comes to buy Homer’s Compumundo Hyper Mega Net, he arrives with some thugs… he says, ‘and comes kindly to buy’… it’s like they come, and you’re at home looking at your brokerage account, the doorbell rings, you open it, and there’s the CEO of Generación Mediterránea with two hefty guys, you know? And they say, ‘Hey, did you accept the exchange?’ And well, one has to accept the exchange, but yes, there we have it on screen: MR36. 40% yield from here to the presidential elections, I mean, you lock in a rate until August 2027. Yes, so you lock in a 40% rate with exchange insurance because it’s dollar-linked. Exactly, it’s interesting, but guys, try not to overweight it in the portfolio. And there’s also one that is, uh, they always ask me for it, and I forget, which is UVA also from Gemsa, could it be MR38, I think it was, or MR39? No, no, careful, uh, because the other dollar-linked one from Gemsa, I think MR39, is amortizable; that one pays amortizations along the way. Instead, the 36 is bullet, and the 37 is also Dollar Link.”
Watch the exact part of the video where @ClaveBursatilTV talks about Generación Mediterránea S.A. here:
Watch the video on YouTube
Read more articles analyzing Generación Mediterránea S.A. (GMSA) at the provided link. GMSA stock.
