Our Fixed Income Trader, Adolfo Germán Erpel Vidal, was consulted by Diario Financiero regarding the fall experienced by the dollar-denominated bonds of Empresa Nacional del Petróleo (ENAP) in the foreign market.

"The price reflects, firstly, the context of increasingly higher dollar interest rates and, secondly, the increasing risk of deteriorating financial health and pressure on cash flow that the announcement of dividend payments from the company's 2023 and 2024 earnings will have," noted Erpel.

He added that "the main factors behind the performance are the low liquidity of the issue in a more difficult context for agents to take a position in the bond, due to the higher interest rate required given the maturity in 2047, and to a greater extent the increase in the company's credit risk after the announcement of the payment of dividends by the Treasury, which would mean a significant impact on the liquidity and solvency ratios".