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YPF 2Q25: Encouraging Strategic Progress Supports Overweight View
Mature field divestments, lower lifting costs, and infrastructure build-out bolster credit profile, though liquidity strain, negative cash flows and…
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EM Spreads
Minerva 2Q25: Strong Results and Deleveraging Support Overweight Call
Favorable beef market conditions, tariff flexibility, and solid asset integration underpin credit strength. 2033s offer yield advantage with less…
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EM Spreads
MELI 2Q25: Constructive on Growth Prospects, Limited Spread Compression
Strong e-commerce and fintech momentum, but margin headwinds from marketing and shipping initiatives and current valuations limit further upside
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EM Spreads
CSN 2Q25: Stable Credit Metrics and Attractive Carry Support Overweight
Wide spreads, resilient credit metrics, strong liquidity, and deleveraging initiatives position 2031s and 2032s for price upside despite market dynamics…
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EM Spreads
Gerdau 2Q25: Credit Resilience Supported by US Exposure
North America continues to support earnings and credit metrics, while Brazil remains pressured. We see limited room for further spread compression…
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EM Spreads

July 2025

Pemex 2Q25: Strong Government Backing Anchors Credit
Tangible government support improves funding conditions and liquidity while narrowing spreads, though weak fundamentals and limited cash generation…
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EM Spreads
Cemex 2Q25: Resilient Credit Navigates Soft Results, but Tight Spreads Limit Upside
While margin and cash generation initiatives continue, compressed spreads, soft results in core markets, and persistent macro uncertainty constrain the…
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EM Spreads
Weekly News & Views
EM spreads steady, U.S. tariffs escalation, Gerdau coverage launched, Vista posts EBITDA beat, MELI earns IG, Pemex targets US$8bn JVs, and US backs YPF…
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EM Spreads
U.S. Tariff Escalation: Credit Implications for Brazilian Companies in Our Coverage
Brazilian Credits in Our Coverage Show Resilience, as U.S. Tariffs Likely to Have a Modest Impact Despite Limited Macro Policy Flexibility
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EM Spreads
Vista 2Q25: Results Reinforce Overweight, But Cash Burn and Liquidity Weaken Buffer
Ramp-up execution supports the credit profile, and improved post-quarter-end liquidity eases near-term risk, though 2H25 free cash flow targets remain…
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EM Spreads

June 2025

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