Buy Venezuela, Sell Ukraine: Societe Generale
Investments in Venezuela come with plenty of political risk, but that risk may already be priced in, making it a better deal than countries where risk is growing but not yet reflected in bond yields. Societe Generale analyst Régis Chatellier thinks it’s a good time to shift investments from the Ukraine to Venezuela to take advantage of a spread that looks like it will narrow.
Venezuela and Ukraine ratings
“We recommend buying the Venezuela $2026 and selling the Ukraine $2023 on a cash neutral basis. We expect . . .
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