YPF has priced a US$550 million tap of its outstanding 8.250% January 2034 senior unsecured notes at a yield of 8.1%, tightening from initial price talk in the mid 8% area. The tap priced at 101.789 following IPT in the mid 8% range, with guidance set at 8.1% and settlement scheduled for January 27, 2026. The transaction follows the same documentation and amortization profile as the original issue.

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Telecom Argentina has successfully priced a US$600 million senior unsecured notes issuance due January 2036. The notes priced at 99.201 with an 8.500% coupon, yielding 8.625%. Pricing came at the tight end of guidance of 8.75% plus or minus 12.5 bps and significantly through initial price talk in the low 9% area, underscoring strong investor demand. Proceeds will be used for the repayment or refinancing of existing indebtedness, with any remaining amount allocated to general corporate purposes. The notes are governed by New York law and listed in Luxembourg as well as locally on BYMA and A3 Mercados. The final size of US$600 million represents an upsizing from the initial US$500 million target, within the expandable range of up to US$1 billion. This outcome confirms solid investor appetite, allowing the issuer to increase deal size while simultaneously achieving meaningful price tightening. The issuance is rated B2 by Moody’s and is expected to be rated B- by S&P and B by Fitch.

New Issue Terms:

• Issuer: Telecom Argentina S.A.

• Size: US$600 million

• Maturity: January 20, 2036 (10 Years)

• Amortization: Two equal annual installments of 50% each on Jan 20, 2035, and Maturity (Jan 20, 2036). WAL: 9.5 Years.

• Yield: 8.625% (Tightened from IPT Low 9% Area)

• Call Structure: Make-whole call prior to Jan 2031; HY call schedule thereafter:

  • From Jan 20, 2031: Par + 50% of coupon

  • From Jan 20, 2032: Par + 25% of coupon

  • From Jan 20, 2033: Par + 12.5% of coupon

  • From Jan 20, 2034 and thereafter: Par

• Use of Proceeds: Repay/Refinance existing indebtedness; remainder for general corporate purposes.

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On September 3, 2025, Suzano Netherlands B.V., guaranteed by Suzano S.A., priced US$1 billion senior unsecured notes due January 2036 at 98.714 to yield 5.667%, equivalent to T+145bps. This came tighter than the +150bps guidance and well inside the +180bps initial price talk. The coupon was set at 5.500%, with semiannual payments beginning January 15, 2026. The bonds are rated Baa3/BBB-/BBB-.

The notes are governed by New York law and feature a make-whole call at T+25bps plus accrued and unpaid interest until October 15, 2035, after which a par call applies. They also include an 85% clean-up call provision. Gross proceeds totaled US$987.1 million (before fees and expenses). Proceeds will be used to repurchase Suzano’s 2026 and 2027 notes pursuant to ongoing tender offers, followed by potential make-whole redemptions, subject to market conditions.

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On June 4, 2025, Vista Energy successfully priced a US$500 million 2033 senior unsecured bond at par to yield 8.5%. The final pricing is in line with the initial price talk of mid 8% and the guidance of 8.5%. The notes are expected to be rated BB- by Fitch. Proceeds are expected to be used for general corporate purposes, including the refinancing of existing debt and capital expenditures. The notes are governed by NY law.

The notes have a 7-year weighted average life, with semiannual interest payments and soft bullet amortization through three equal annual installments in 2031, 2032, and 2033.

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Cemex is launching a US$1 billion perpetual NC5 unsecured subordinated notes issuance to yield 7.2%, following an initial price talk of 7.625%. The notes are subordinated to all existing and future senior indebtedness, ranking senior only to capital stock. They are expected to be rated BB by S&P and Fitch. Proceeds are expected to be used for general corporate purposes, including the repayment of debt or other financial obligations.

The reset dates occur 5.25 years from the issue date (“First Reset Date” or “First Step-Up Date”) and every 5 years thereafter. The First Call Date is 3 months prior to the First Reset Date. Interest is fixed-rate and payable semi-annually until the First Reset Date. Thereafter, the interest will reset every 5 years to the 5-year U.S. Treasury rate plus the initial credit spread and the relevant step-up.

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The notes will amortize 50% and 50% annual installments in 2032 and 2033. Pricing is expected today, with initial price talk around the mid-9% area, now guided at 9.5%.

We recommend a BUY on the new TECOAR 2033 notes. At 9.500%, we find the bonds attractive relative to the TECOR 9.500% 2031 unsecured bonds, which yield 8.5% for a 3.8-year duration, despite the modest extension in maturity. We believe these bonds offer an appealing yield within Telecom’s debt capital structure and screen wide relative to the broader Telecom curve. This presents an attractive entry point for yield-focused investors comfortable with Argentina’s improving, though still fragile, macro backdrop.

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Executive Summary

• We are initiating coverage on Vista with an Outperform recommendation. We view Vista as an attractive option for investors seeking exposure to Argentina's energy sector. Robust credi…

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