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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…
Aug 15
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YPF 2Q25: Encouraging Strategic Progress Supports Overweight View
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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…
Aug 12
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Minerva 2Q25: Strong Results and Deleveraging Support Overweight Call
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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
Aug 11
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MELI 2Q25: Constructive on Growth Prospects, Limited Spread Compression
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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…
Aug 6
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CSN 2Q25: Stable Credit Metrics and Attractive Carry Support Overweight
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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…
Aug 4
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Gerdau 2Q25: Credit Resilience Supported by US Exposure
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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…
Jul 31
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Pemex 2Q25: Strong Government Backing Anchors Credit
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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…
Jul 28
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Cemex 2Q25: Resilient Credit Navigates Soft Results, but Tight Spreads Limit Upside
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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…
Jul 20
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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
Jul 16
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U.S. Tariff Escalation: Credit Implications for Brazilian Companies in Our Coverage
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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…
Jul 14
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Vista 2Q25: Results Reinforce Overweight, But Cash Burn and Liquidity Weaken Buffer
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June 2025
Initiating Coverage on Gerdau: IG Credit with US Exposure, Limited Spread Upside
Gerdau is well-positioned among LatAm peers, with diversified cash flow and a conservative balance sheet, but tight spreads and domestic headwinds limit…
Jun 23
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Initiating Coverage on Gerdau: IG Credit with US Exposure, Limited Spread Upside
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Weekly News & Views
EM spreads hold steady, Brazil macro update, YPF advances shale pivot, Minerva finalizes Uruguay asset sale, and CSN Cimentos prices R$550mn issue.
Jun 22
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