Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>LatAm credit markets ended the week mixed as the LatAm Aggregate Index widened to 280 bps while EM spreads and U.S. yields remained stable.</li>
<li>In 2Q25 earnings, Vista, Minerva, and YPF delivered strong results supporting Overweight views, while Suzano, Cemex, and Telecom face spread constraints amid operational pressures.</li>
<li>MercadoLibre’s growth remains solid but limited spread compression, and Pemex benefits from government support.</li>
</ul>


LatAm credit markets ended the week mixed as the LatAm Aggregate Index widened to 280 bps while EM spreads and U.S. yields remained stable.
In 2Q25 earnings, Vista, Minerva, and YPF delivered strong results supporting Overweight views, while Suzano, Cemex, and Telecom face spread constraints amid operational pressures.
MercadoLibre’s growth remains solid but limited spread compression, and Pemex benefits from government support.


Weekly News & Views - 2Q25 Earnings Recap

GCC SAB de CV - Actinver Research - Cement Post 2Q25 Update

<ul>
<li>Suzano to Acquire 51% of Kimberly-Clark’s International Tissue Business for $1.73bn </li>
<li>Vista Priced US$500mn 2033 Unsecured Notes at Par to Yield 8.5% (IPT: mid-8%) / Cemex Launches US$1bn Perpetual NC5 Notes to Yield 7.2% (IPT: 7.625%)</li>
<li>Telecom 1Q25: Margin Gains Support Credit, But Telefónica Deal Still Central / Telecom Prices US$800 Million Unsecured Bond Due 2033 at 9.5% Yield</li>
</ul>


Suzano to Acquire 51% of Kimberly-Clark’s International Tissue Business for $1.73bn 
Vista Priced US$500mn 2033 Unsecured Notes at Par to Yield 8.5% (IPT: mid-8%) / Cemex Launches US$1bn Perpetual NC5 Notes to Yield 7.2% (IPT: 7.625%)
Telecom 1Q25: Margin Gains Support Credit, But Telefónica Deal Still Central / Telecom Prices US$800 Million Unsecured Bond Due 2033 at 9.5% Yield


<ul>
<li>Cemex 1Q25: Credit Strength Persists, but No Catalyst for Spread Compression</li>
<li>Pemex 1Q25: Upgraded to Market Perform, but Structural Risks Persist</li>
<li>YPF and Globant Sign Agreement to Modernize Supply Chain with AI</li>
</ul>


Cemex 1Q25: Credit Strength Persists, but No Catalyst for Spread Compression
Pemex 1Q25: Upgraded to Market Perform, but Structural Risks Persist
YPF and Globant Sign Agreement to Modernize Supply Chain with AI


Mexico

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

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Cemex SAB de CV (CEMEXCPO MM)

GCC SAB de CV - Actinver Research

Actinver

Weekly News & Views - 2Q25 Earnings Recap

LatAm credit markets show mixed results, with some companies delivering strong earnings while others face operational pressures.

Leandro Gubler

GCC SAB de CV - Actinver Research - Cement Post 2Q25 Update

Actinver

EM Spreads - Weekly News & Views

Suzano acquires majority stake in Kimberly-Clark's international tissue business for $1.73bn, while Telecom sees margin gains in 1Q25 but still...

Leandro Gubler

EM Spreads - Weekly News & Views

Cemex and Pemex show credit strength in 1Q25, while YPF and Globant collaborate to modernize supply chain with AI. The LatAm Aggregate Index...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GCC SAB de CV - Actinver Research

Actinver

Weekly News & Views - 2Q25 Earnings Recap

​LatAm credit markets show mixed results, with some companies delivering strong earnings while others face operational pressures.

Leandro Gubler

GCC SAB de CV - Actinver Research - Cement Post 2Q25 Update

Actinver

EM Spreads - Weekly News & Views

​Suzano acquires majority stake in Kimberly-Clark's international tissue business for $1.73bn, while Telecom sees margin gains in 1Q25 but still...

Leandro Gubler

EM Spreads - Weekly News & Views

​Cemex and Pemex show credit strength in 1Q25, while YPF and Globant collaborate to modernize supply chain with AI. The LatAm Aggregate Index...

Leandro Gubler

LatAm credit markets show mixed results, with some companies delivering strong earnings while others face operational pressures.

Suzano acquires majority stake in Kimberly-Clark's international tissue business for $1.73bn, while Telecom sees margin gains in 1Q25 but still...

Cemex and Pemex show credit strength in 1Q25, while YPF and Globant collaborate to modernize supply chain with AI. The LatAm Aggregate Index...