Archive - EM Spreads

Suzano 4Q25: Volume Recovery Supports Healthy Cash Generation

Higher volumes and improved cost efficiency lift EBITDA ahead of consensus and reinforce free cash flow momentum

Feb 11 • EM Spreads

Cemex 4Q25: Entering 2026 from a Stronger Position

Cash flow and liquidity remain solid, though valuation caps upside

Feb 6 • EM Spreads

Vista Acquires Equinor’s Vaca Muerta Assets, Reinforcing Core Acreage Position

Low-cost, oil-weighted production supports credit, despite YPF-operated structure

Feb 3 • EM Spreads

January 2026

CSN: S&P Downgrade Reinforces Execution Risk, Thesis Persists

S&P treats asset sales as neutral until realized, while we see the plan as directionally credit positive despite a clear show-me execution risk.

Jan 29 • EM Spreads

YPF prices US$550m 8.250% 2034 tap at 8.1%

Liability management supports the credit profile as refinancing pressure eases and operating transformation advances

Jan 23 • EM Spreads

Simpar and Subsidiaries Deliver Solid 4Q25 Preliminary Results

Operating momentum and balance sheet discipline support the credit story

Jan 21 • EM Spreads

CSN Launches Divestment Plan to Reduce Debt by R$15–18 billion

Deleveraging plan credit positive, driving material spread compression

Jan 15 • EM Spreads

Telecom Argentina Prices US$600m 10Y Notes at 8.625%, Extending Maturities

Successful refinancing extends maturities and reduces near-term risk, while regulatory approval of TMA remains a key constraint

Jan 14 • EM Spreads

Braskem Coupon Payment Alleviates Immediate Default Risk

January obligations ongoing, keeping liquidity execution and funding clarity in focus

Jan 14 • EM Spreads

Venezuela Post-Maduro: Regime Change Reopens Credit Optionality

Credit upside improves as sanctions engagement reopens, yet cash control and PDI overhang complicate recovery paths

Jan 7 • EM Spreads

Initiating Coverage of Simpar including its subsidiaries Movida and Vamos

Subsidiary strength supports stability, but asymmetric risk favors operating-company bonds over the holding company

Jan 6 • EM Spreads

November 2025

JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins

Long end offers attractive yield versus Tyson and LatAm peers, supported by a broadly constructive global protein backdrop

Nov 18, 2025 • EM Spreads

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