About EM Spreads
EM Spreads is an independent credit research provider focused on high-yield and investment-grade Emerging Markets corporate debt, with a primary emphasis on Latin America. Our objective is to deliver clear, trade-relevant credit analysis that supports fixed income investors in assessing risk, relative value, and positioning across EM credit markets.
Our work is grounded in fundamental credit analysis and written strictly from a bondholder perspective. We focus on balance sheet strength, liquidity, refinancing risk, and capital structure hierarchy, translating issuer-specific developments, macro conditions, and policy actions into actionable conclusions for credit portfolios.
Research Approach
EM Spreads’ research is designed to support both strategic allocation decisions and day-to-day trading and risk management. Coverage encompasses initiation reports, quarterly earnings updates, event-driven credit notes, new issue analysis, and ongoing market commentary, all anchored in issuer fundamentals and relative-value assessment across curves, peers, and sovereign benchmarks.
Coverage initiation reports provide in-depth analysis of newly covered issuers, including business risk, leverage and liquidity profiles, refinancing timelines, and bond-level positioning. Quarterly reports deliver post-earnings credit updates that incorporate the latest operating and financial data into updated credit views and trade considerations. Event-driven reports assess the credit implications of material corporate actions, regulatory developments, or macro and policy shifts. New issue snapshots provide timely assessments of primary market transactions, with a focus on structure, pricing, and relative value versus outstanding bonds. Market commentary offers regular perspectives on flows, sentiment, and dislocations across EM credit markets.
Access to EM Spreads Research
Historically, access to EM Spreads’ full research library and trade recommendations has been limited for free subscribers. In response to increasing demand from investors for broader and more consistent access to our work, EM Spreads has formalized two levels of access.
Tier 1: Standard Access provides full access to EM Spreads’ published research, including coverage initiation reports, quarterly earnings updates, market commentary, and new issue analysis. This tier is intended for investors seeking consistent, high-quality EM credit research and clearly articulated relative-value and trade views.
Tier 2: Analyst Access includes all Standard Access content and provides direct access to the EM Spreads analyst team. Subscribers may engage in research-related Q&A, request coverage on specific issuers, and schedule advisory calls to discuss credit views, curve positioning, and relative-value opportunities. Analyst access is provided on a reasonable-use basis and does not include bespoke financial models, formal investment materials, or redistribution rights. Availability is subject to capacity constraints.
Coverage Universe
EM Spreads currently covers a range of Latin American corporate issuers, including Braskem, Cemex, CSN, Gerdau, JBS, MercadoLibre, Minerva, Movida, Pemex, Simpar, Suzano, Telecom Argentina, Vamos, Vista Energy, and YPF. Additional coverage, including Pampa Energia, Klabin, and Cosan, is under development.
Positioning
EM Spreads is built for investors who value independent thinking, disciplined credit analysis, and trade-focused conclusions. Our research is distributed through major institutional platforms and directly to subscribers, providing timely access to insights that matter for portfolio construction, relative-value assessment, and risk management in Emerging Markets credit.
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