Key Insights and Recommendations
We maintain our Neutral recommendation on Telecom Argentina (B2/B-/B). The notes offer attractive yields, and we think Telecom’s strategy is well positioned to leverage its strong market presence, with leverage metrics appearing solid and expected to improve further as the Telefónica integration progresses. However, we think a better entry point may emerge once there is greater clarity on regulatory, acquisition, and political fronts, while the 2031 and 2033 notes trade above par at $105.9 and $104.6, respectively, limiting near-term upside.
