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Braskem 2Q26: Better Quarter, Harder Credit
Favorable spreads lift earnings, but liquidity remains tight and bond value now depends on restructuring treatment
Aug 21
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Minerva 2Q26: Margin Pressure Persists, Cash Conversion Still the Test
Working-capital absorption and elevated financing costs keep deleveraging dependent on stronger 2H cash generation
Aug 21
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CSN 2Q26: Better Operations, Credit Still Execution-Driven
Steel rebounds and refinancing pressure eases, but negative underlying free cash flow keeps asset sales central to deleveraging
Aug 19
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YPF 2Q26: From Transformation to Execution
Shale economics, cash generation and liquidity improve as the focus shifts toward funding the next stage of growth
Aug 14
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PEMEX 2Q26: Better Metrics, Support Still Matters
Earnings strengthen and near-term debt falls sharply, but cash generation remains dependent on the sovereign
Aug 13
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Gerdau 2Q26: North America Delivers, Brazil Starts to Turn
Stronger earnings and credit metrics reinforce the credit, but tight spreads keep us Neutral
Aug 11
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July 2026
Cemex 2Q26: Pricing Power Drives a Margin Step-Up
Stronger earnings and cash conversion support deleveraging, while U.S. profitability remains below prior-year levels
Jul 30
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Vista 2Q26: Scale Begins to Convert Into Cash
Higher production, stronger cash generation and lower leverage reinforce the deleveraging path
Jul 27
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Mexico Sovereign Debt: Investment Grade at a Discount
External strength supports carry, but fiscal absorption keeps the call selective
Jul 16
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Brazil Sovereign Debt: External Strength, Fiscal Drift
Strong reserves, local funding depth and FDI coverage support carry, but fiscal affordability and limited reform visibility cap compression
Jul 6
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June 2026
Braskem Standstill Shifts Focus to Structure
Court protection reduces enforcement risk, but proposed amendment terms make coupon, maturity and recovery structure the key curve drivers
Jun 30
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Telecom Argentina: TMA Remedies Hit Business, Credit Holds
Conditional approval removes rejection risk, but the remedy package reduces synergy upside and leaves Telecom bonds as a carry hold, not a new Buy.
Jun 24
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