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    YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Wie mir soeben aufgefallen ist, fehlt im Argentinien-Thread eindeutig ein Thread zu YPF. Ein nicht unerheblicher Anteil der vorhandenen argentinischen Rohstoffe/Energievorräte dürfte zukünftig über das Unternehmen erschlossen werden, was Steigerungspotential verspricht.

    Heute ist die Aktie um über 10% im Kurs gestiegen, wahrscheinlich wegen dieser Meldung:

    YPF hydrocarbons exploration grew 94.2% between 2012 and 2014

    An Deutschlands Börsen sind meines Wissens folgende Wertpapiere des Unternehmens gelistet:

    Anleihe: 8,75% YPF S.A. DL-Bonds 2014(22-24) Reg.S

    Aktie: YPF SA ADR

    Meinungen zum Unternehmen und Neuigkeiten bitte zukünftig hier posten.

    #2
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Argentina agrees draft energy law to boost foreign investment

    http://www.reuters.com/article/2014/...0RI38Q20140917

    Kommentar


    #3
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    M.E. eine gute Zusammenfassung. Nach den Angaben von alois wird bei der Zinszahlung die fiktive Quellensteuer Argentiniens berücksichtigt.
    Zwei Kupontermine: 4.4. und 4.10.
    Da sich WTI stabilisiert, habe ich heute gekauft. Hoffentlich rechtzeitig vor der nächsten Zinszahlung...



    Why YPF Should Remain Financially Solid Despite Its Country's Default



    Sep. 18, 2014 4:24 AM ET | About: YPF Sociedad Anonima (YPF), Includes: CVX
    Summary

    Argentina was declared under selective default in July and the economic consequences are starting to appear.
    However, there are many reasons to believe YPF will remain financially solid throughout the rest of 2014 at least.
    Its close ties with the government, its strong cash flow and cash cushion plus new international development agreements are among these.

    As you may have heard, Argentina is experiencing economic problems again. On the external front, the country has been declared under selective default and internally it is experiencing high inflation rates and a slowdown in activity levels. This has a clear impact on its companies and assets.

    The first big company to show serious issues is Pescarmona Group, or IMPSA, which just sent a communication to the Buenos Aires stock exchange postponing the payment of its corporate bond coupons. This metallurgical and turbine-maker, which has 8,000 employees internationally and 3,500 domestically is having difficulties to get financing in the markets primarily due to the Argentine default and the credit rating of its main clients.

    However, there are a few reasons to believe that despite these issues Argentina's oil giant YPF (NYSE: YPF) should resist and keep its financial stability at least throughout the remainder of the year.

    Default consequences

    The Argentine government default, which came after a U.S. judge blocked debt payments when the nation failed to comply with his ruling to also pay holders of defaulted bonds, started to raise flags for YPF. The direct consequence of this situation is that it makes it harder for the company to obtain financing in global markets. As a result, YPF's credit rating was downgraded from “B-” to “CCC by Fitch”.

    Nonetheless, the company as well as many analysts believe that the company will not default.

    Cash cushion

    Given its strong ties with the government and knowing the country's situation by heart, YPF decided to manage its finances very carefully in an effort to avoid upcoming trouble. Cash flow remains solid and is very likely to continue. Why?

    The very first reason is that government has allowed YPF to increase retail fuel prices beyond the current inflation and peso devaluation. Gasoline prices have been raised six times this year alone, reaching almost a 40% year to date. Authorities announced that there will probably be new increments throughout the rest of the year.

    Without substitutes, gasoline is pretty inelastic and demand has to absorb these price increases. Given the scenario, there is no reason why the company should not continue fulfilling its investment plan.

    However, after the July default turmoil, some investors began questioning the company's ability to overcome the upcoming short-term difficulties. To clear all doubts, the company's CEO, Miguel Gallucio, told the leading local newspaper Clarín that the company remains liquid and holds a $1.5 billion cash cushion. "This amount guarantees us one year of financing. Our bet is that this default situation should be fixed in less than one year. We are not concerned and our partners are not either", he said.

    Operative cash flow is key for YPF, and at these prices the company's results provide enough margins. Inflation, which is now at 40% annually in the country, will probably catch up, but then again gasoline prices will be adjusted to maintain these margins.

    It is important to have this in mind considering that the default could lead Argentina to devalue its currency for a second time this year, fueling inflation again.

    Investment agreement with Petronas

    The company is also supported by new deals coming from the international front. The recent agreement with Petronas to develop shale oil at the world's fourth-largest deposit in Vaca Muerta is a good long-term sign. The $550 million deal involves the development of a 187-square kilometer area (72 square miles) where more than 30 wells will be drilled in three years. As agreed, YPF will invest $75 million and Petronas the remaining $475 million. If results are positive, the program will be expanded to a five-year $1 billion investment. So, long-termwise the company has a clear projection.

    In addition to cash, Petronas will provide YPF with technical know-how in developing unconventional energy. This should be articulated through Progress Energy Resources, a Canadian company that Petronas bought for $5.2 billion in 2012.

    YPF is in need of such know-how, and that's the reason why it structured a $1.24 billion deal with Chevron (NYSE: CVX) that was later expanded to $16 billion. YPF and Chevron have invested more than $2 billion already and are producing more than 25,000 barrels of shale oil a day at about 245 wells. Shale oil and gas development should continue expanding.

    New findings

    In late August YPF announced the discovery of conventional oil and gas reserves located beneath a mature formation in Los Perales. It is expected to turn a daily production potential of 200,000 square meters of gas and 370 barrels. This is good news as many of YPF's conventional fields are mature and are experiencing drops in production. If developing share oil and gas experiences short-term issues and gets delayed, more conventional extraction should help.

    Soros position

    In this past semester, George Soros' $28 billion family office increased his position in YPF, becoming the 4th largest stockholder. After buying 8.47 million stocks in the period, the fund doubled its position in the oil company and now it is its biggest holding.

    In a few days, on September 22, the legendary hedge fund billionaire will meet Argentina's President, Cristina Kirchner, in New York during her visit to the U.N. annual meeting. The issues addressed in the meeting have not been released, but one thing is clear: Soros wants returns on his investments and he might be in a position to influence future presidential decisions regarding the company.

    For now, the fundamentals remain consistent. YPF holds five consecutive quarters of production growth and net profit has grown 40% year over year in the last quarter.

    Final words

    YPF's case is not IMPSA's case, as the latter holds operations in Brazil and Venezuela, which are giving it major headaches. Corporacion Electrica de Venezuela owes IMPSA a total of $483 million and it is not believed that the company will get paid anytime soon. Regarding Brazil, one of IMPSA's units has been declared in bankruptcy after not paying $4.7 million to two creditors. However, this bankruptcy was lifted last week after coming to an agreement with the creditors.

    YPF still holds a solid track record and the continuous increase in domestic prices should avoid liquidity problems for the remaining of this year at least.

    Kommentar


    #4
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Was du immer mit deinem Ölpreis hast... dann investier doch lieber gleich direkt darein.

    Kommentar


    #5
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Zitat von nicco Hier:23.09.2014, 17:37 Beitrag anzeigen
    ... habe ich heute gekauft. Hoffentlich rechtzeitig vor der nächsten Zinszahlung...
    Wenn du heute gekauft hast, dann hoffst du vergebens.

    Record Date beträgt 15 Kalendertage.

    Auszug aus dem Prospekt:

    Interest Payment Dates
    Interest on the Notes will be payable semi-annually in arrears on April 4 and October 4 of each year, commencing on October 4, 2014.

    Regular Record Dates
    The 15th calendar day preceding an Interest Payment Date.

    Kommentar


    #6
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Zitat von retair Hier:23.09.2014, 18:48 Beitrag anzeigen
    Wenn du heute gekauft hast, dann hoffst du vergebens.
    Und nicht nur das. Der Verkäufer zahlt ihm Stückzinsen bis zum 4.10., die der deutschen Abgeltungssteuer unterliegen.

    Der ideale Verkaufstermin ist direkt nach der Kuponabtrennung, dann bekomme ich den Kupon mit der fiktiven Quellensteuer und zahle Stückzinsen, die meinen Gewinn mindern.

    Kommentar


    #7
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Zitat von retair Hier:23.09.2014, 18:48 Beitrag anzeigen
    Wenn du heute gekauft hast, dann hoffst du vergebens.

    Record Date beträgt 15 Kalendertage.

    Auszug aus dem Prospekt:

    Interest Payment Dates
    Interest on the Notes will be payable semi-annually in arrears on April 4 and October 4 of each year, commencing on October 4, 2014.

    Regular Record Dates
    The 15th calendar day preceding an Interest Payment Date.

    Danke. Dann eben im April. Die fiktive Quellensteuer ist für mich nicht das wichtigste Kaufargument gewesen.

    Kommentar


    #8
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    The kirchnerite official praised the country’s shale oil and gas reserves, and reiterated president Cristina Fernández de Kirchner’s remarks of Argentina being considered “the new Saudi Arabia” and predicted that “an expansion phase” will follow the current “transition stage.”
    http://www.buenosairesherald.com/art...stage%E2%80%99

    Kommentar


    #9
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    YPF IS SEEKING DEEPWATER EXPLORATION PARTNERS, CEO SAYS

    http://www.bloomberg.com/news/2014-0...-ceo-says.html

    The company doesn’t have any immediate plans to sell bonds, Galuccio said, adding that YPF is able to sell locally.

    “We are sitting on $1.5 billion in cash that allows us to have the strength to run operations without having to go to market for the next 12 months,” he said.

    Kommentar


    #10
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    (Reuters) - It will take Argentina up to a decade and as much as $200 billion in investment to erase an energy output deficit, the chief executive officer of national oil company YPF (YPFD.BA) said in an interview on Friday.

    CEO Miguel Galuccio expects the rate of output growth from Argentina's massive Vaca Muerta shale formation, one of the largest such deposits in the world, to outpace average national oil and gas output growth of between 4 and 5 percent.

    The company currently produces about 240,000 barrels per day of oil and about 43.5 million cubic meters of gas per day.

    "It's probably going to take between five and 10 years (to reach energy self-sufficiency). It will all depend on how fast we can go with the development of unconventional gas and the development of tight gas," Galuccio said on the sidelines of an oil conference in the Mexican resort city of Cancun.

    Tight gas is a kind of gas trapped in particularly dense rock formations.

    The development of Vaca Muerta, a top YPF priority, has already attracted about 10 private companies that are drilling exploratory wells, but only YPF has produced oil and gas there so far.

    YPF was nationalized in 2012 after the Argentine government seized the stake held by Spanish oil major Repsol (REP.MC). Argentina took a 51 percent stake in YPF while the rest is traded on the New York stock exchange.

    Argentina began running energy deficits in 2011, a year before President Cristina Fernandez expropriated the firm citing Repsol's insufficient investment.

    Galuccio said natural gas output, the main source of the South American country's energy shortfall, has risen by about a third from the second quarter in 2013 to the same period this year.

    YPF's cost of drilling vertical wells could drop by more than 20 percent over the next few years to around $5.5 million, he said.

    While the company's main focus is boosting oil and gas production at home, Galuccio said YPF may seek to invest in mature fields in Mexico following a major energy overhaul in that country earlier this year.

    On Thursday, YPF signed a non-commercial memorandum of understanding with Mexico's national oil company Pemex [PEMX.UL] and Malaysia's Petronas [PETRA.UL].

    Galuccio said YPF has taken on exploratory blocks in Bolivia and plans to drill an offshore well in Uruguay next year. The firm will "probably" sign a joint venture in Ecuador next week, he added.

    An energy reform being debated by lawmakers in Buenos Aires "will definitely help" attract foreign investment, Galuccio said.

    Argentina's latest debt default earlier this year will not impact YPF's ability to seal deals with other oil companies or negatively affect its upcoming 1.3 billion peso ($154 million) local bond issuance, Galuccio emphasized.

    "We've been issuing local money all the time, so I think we will be able to raise that money with no problem," he said.

    Kommentar


    #11
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Zitat von esteban Hier:27.09.2014, 11:41 Beitrag anzeigen
    YPF was nationalized in 2012 after the Argentine government seized the stake held by Spanish oil major Repsol (REP.MC). Argentina took a 51 percent stake in YPF while the rest is traded on the New York stock exchange.
    wie verhält sich denn YPF an der NYSE zu YPF in Buenos Aires? Ist Buenos Aires nur der Zweitmarkt?

    Kommentar


    #12
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    An der NYSE werden die ADRs gehandelt.

    http://www.ypf.com/enu/InversoresAcc...ock-quote.html

    Kommentar


    #13
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Zinsgutschrift für A1ZGFR bei Benk heute erfolgt (Valuta 6.10.)

    Kommentar


    #14
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Zitat von retair Hier:23.09.2014, 18:48 Beitrag anzeigen
    Wenn du heute gekauft hast, dann hoffst du vergebens.

    Record Date beträgt 15 Kalendertage.

    Auszug aus dem Prospekt:

    Interest Payment Dates
    Interest on the Notes will be payable semi-annually in arrears on April 4 and October 4 of each year, commencing on October 4, 2014.

    Regular Record Dates
    The 15th calendar day preceding an Interest Payment Date.
    Zitat von Radfahrer Hier:23.09.2014, 19:20 Beitrag anzeigen
    Und nicht nur das. Der Verkäufer zahlt ihm Stückzinsen bis zum 4.10., die der deutschen Abgeltungssteuer unterliegen.

    Der ideale Verkaufstermin ist direkt nach der Kuponabtrennung, dann bekomme ich den Kupon mit der fiktiven Quellensteuer und zahle Stückzinsen, die meinen Gewinn mindern.
    Ich weiß nicht was richtig ist aber: ich habe YPF A1ZGFR am 29.09.2014 in Frankfurt gekauft und habe Stückzinsen bezahlt. Heute habe ich den Kupon bekommen.

    Kommentar


    #15
    AW: YPF - Anleihe WKN A1ZGFR - Aktie WKN 886738

    Kauf 23.9.

    Abrechnung Postbank

    Bestandsstichtag 3.10.
    Kupon per 4.10.
    Zahlbarkeitstag 6.10.

    Anrechnung 15 % fiktive QSt.
    EUR/USD 1.2583

    Kommentar

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