EM Spreads

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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…
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EM Spreads
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…
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EM Spreads
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…
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EM Spreads
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
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EM Spreads
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…
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EM Spreads

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…
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EM Spreads
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.
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EM Spreads
Weekly News & Views
CSN, YPF
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EM Spreads
Initiating Coverage on CSN: Overweight on Risk-Reward
The spread over the LatAm BB Index presents a tactical opportunity across the curve, supported by CSN’s deleveraging efforts, diversified operations…
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EM Spreads
Weekly News & Views
Telecom Argentina, Suzano, Vista, Cemex
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EM Spreads
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