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September 2025

Initiating Coverage on JBS: Resilient IG Credit, Long Bonds Offer Best Value
Global scale, diversification, liquidity, and improved leverage support credit profile. Long end yields 6.0%-6.2% and trades wide to Tyson and LatAm…
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Weekly News & Views
Election risks hit Argentina, Suzano prices new 2036s, Pemex buyback underscores state backing, while Moody’s upgrade highlights sovereign support.
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Argentina: Election Setback Highlights Elevated Political Risk
Loss undermines reform momentum, bonds sell off as investors reprice sovereign and corporate risk ahead of October midterms
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Suzano Priced US$1bn 5.500% 2036 Unsecured Notes
Proceeds fund tender offers and extend maturity profile, though 2029s remain preferred on relative value
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EM Spreads
Pemex: Bond Buyback Offer Highlights Sovereign Support and Debt Relief
US$9.9bn sovereign-backed tender eases liquidity pressure and supports liability management goals
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August 2025

Weekly News & Views
2Q25 Earnings Recap
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Telecom 2Q25: Neutral Amid Uncertainties While Upside Remains Limited
Below expectations margins and weak liquidity offset deleveraging gains, while integration risks and above-par pricing limit near term upside
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Suzano 2Q25: Credit Resilient but Curve Positioning Shift
Credit profile underpinned by deleveraging commitment, cost efficiency, and positive cash generation, but tight spreads lead us to favor 2029s
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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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