Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>Mexico remains investment-grade, externally resilient and fully market-accessible, but fiscal absorption keeps the spread discount justified.</li>
<li>We initiate with a Neutral issuer stance, not a full-sovereign Overweight. The opportunity is selective and curve-specific.</li>
<li>We are Overweight the 2035s and 2036s, and Underweight the 2041s and 2045s.</li>
</ul>


Mexico remains investment-grade, externally resilient and fully market-accessible, but fiscal absorption keeps the spread discount justified.
We initiate with a Neutral issuer stance, not a full-sovereign Overweight. The opportunity is selective and curve-specific.
We are Overweight the 2035s and 2036s, and Underweight the 2041s and 2045s.


Mexico Sovereign Debt: Investment Grade at a Discount

Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>With the turn of the calendar, it’s once again time for our monthly assessment of the current and upcoming macroeconomic circumstances.</li><li>To carry out this evaluation, we utilize two critical tools: our Macro Regime Indicator framework and the interactive Structural Asset Allocation Model.</li><li>These integrated resources enable us to establish a portfolio allocation that is empirically supported, taking into account the prevailing macroeconomic conditions and the driving factors within financial markets.</li></ul>

With the turn of the calendar, it’s once again time for our monthly assessment of the current and upcoming macroeconomic circumstances.To carry out this evaluation, we utilize two critical tools: our Macro Regime Indicator framework and the interactive Structural Asset Allocation Model.These integrated resources enable us to establish a portfolio allocation that is empirically supported, taking into account the prevailing macroeconomic conditions and the driving factors within financial markets.

Macro Regime Indicator: What Technically Rising Liquidity Means for Your Portfolio

United States

The Mexico Fund, Inc. ("the Fund") is a non-diversified closed-end management investment company with the investment objective of long-term capital appreciation through investments in securities, primarily equity, listed on the Mexican Stock Exchange. The Fund provides a vehicle to investors who wish to invest in Mexican companies through a managed non-diversified portfolio.

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Mexico Fund / (MXF US)

Mexico Sovereign Debt: Investment Grade at a Discount

Mexico is investment grade at a discount, but fiscal absorption keeps the call selective; Neutral issuer stance, OW 2035s/2036s.

Leandro Gubler

Macro Regime Indicator: What Technically Rising Liquidity Means for Your Portfolio

For December, we see rising liquidity due to rallying treasuries and rising SOFR-Fed futures spreads, consequently depleting the ON RRP faster than...

Steno Research

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