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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
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EM Spreads
Telecom 3Q25: Stronger Margins and a More Constructive Outlook
Good results and improving expectations underpin our view, while regulatory hurdles around the acquisition remain a central risk
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EM Spreads
Braskem 3Q25: Liquidity Strain Deepens as Bonds Remain in Distressed Territory
Execution on secured funding, governance resets, and shareholder alignment is critical as weak fundamentals, high interest burden, and January coupons…
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EM Spreads
YPF 3Q25: Strong Operating Results as Shale Expansion Reduces Cost Base
Rising shale volumes and lower lifting costs drive EBITDA growth while election results reduce political risk
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EM Spreads
Suzano 3Q25: Results Soft but Broadly In Line with Expectations
Upgrade on 2031s following improved relative value, we see healthier pulp prices and cost discipline supporting gradual margin recovery
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EM Spreads
Minerva 3Q25: Stronger Credit as Integration Completes, Margins Under Pressure
Improved leverage and liquidity offset margin pressure from higher cattle costs and modest interest coverage
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EM Spreads
CSN 3Q25: Mining Strength Offsets Steel Weakness
Deleveraging progress, resilient iron-ore prices, and liquidity coverage through 2027 support our Overweight view
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EM Spreads
Gerdau 3Q25: North America Drives Earnings as Brazil Margins Compress
Solid U.S. performance offsets weaker Brazil results; liquidity and balance-sheet strength support resilience amid persistent domestic pricing pressure
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EM Spreads
MercadoLibre 3Q25: Strong Growth but Profitability Under Pressure
Margin pressure and heavier spending constrain near-term performance; we maintain a Neutral view as spreads already reflect credit strength.
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EM Spreads
Cemex 3Q25: Strong Results and Outlook Support Credit View
Profitability strengthened despite volume headwinds, and healthy cash generation reinforces credit quality, yet we see limited room for further spread…
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EM Spreads

October 2025

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