Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<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


<ul>
<li>Argentina’s Economy Grows Above Expectations in February / Vista 1Q25: Strategic Petronas Acquisition Strengthens Credit and Growth Outlook</li>
<li>Fitch Affirms Cemex at 'BBB-'; Stable Outlook Reflects Resilient Credit Profile</li>
<li>Pemex Rig Suspensions Highlight Ongoing Operational and Financial Risks / MercadoLibre CEO Sees U.S.-China Trade War as Major Opportunity</li>
</ul>


Argentina’s Economy Grows Above Expectations in February / Vista 1Q25: Strategic Petronas Acquisition Strengthens Credit and Growth Outlook
Fitch Affirms Cemex at 'BBB-'; Stable Outlook Reflects Resilient Credit Profile
Pemex Rig Suspensions Highlight Ongoing Operational and Financial Risks / MercadoLibre CEO Sees U.S.-China Trade War as Major Opportunity


<ul>
<li>Argentina Secures US$20bn IMF Deal with Currency Controls Eased / Argentina: March CPI Surprise Adds Pressure</li>
<li>Initiating Coverage on Telecom Argentina: Solid Market Position but Uncertain Outlook / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile</li>
<li>Minerva Announces Capital increase Backed by Sponsors / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile</li>
</ul>


Argentina Secures US$20bn IMF Deal with Currency Controls Eased / Argentina: March CPI Surprise Adds Pressure
Initiating Coverage on Telecom Argentina: Solid Market Position but Uncertain Outlook / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile
Minerva Announces Capital increase Backed by Sponsors / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile


<ul>
<li>Argentina’s $20 Billion IMF Deal Could Calm Markets Ahead of Midterms</li>
<li>Pemex Monthly Report: February/Minerva Positioned to Benefit from China’s Shift in Protein Imports</li>
<li>Cemex: Stable Outlook Affirmed Despite Hybrid Reclassification Dragging Metrics/ YPF Launches “Vaca Muerta Institute” to Support Shale Growth</li>
</ul>


Argentina’s $20 Billion IMF Deal Could Calm Markets Ahead of Midterms
Pemex Monthly Report: February/Minerva Positioned to Benefit from China’s Shift in Protein Imports
Cemex: Stable Outlook Affirmed Despite Hybrid Reclassification Dragging Metrics/ YPF Launches “Vaca Muerta Institute” to Support Shale Growth


<ul>
<li>4Q24 results: Minerva - acquisition outlook and market tailwinds support credit upgrade, YPF - strategic progress offset weak quarter, and Pemex - high carry but risk outweigh rewards. </li>
<li>Argentina 4Q24 GDP Beats Expectations, but Outlook Hinges on Policy and IMF Deal</li>
<li>Sheinbaum Restructures Pemex to Strengthen State Control - Pemex’s elevated leverage, continued E&amp;P underperformance, and exposure to refining losses remain key concerns.</li>
</ul>


4Q24 results: Minerva - acquisition outlook and market tailwinds support credit upgrade, YPF - strategic progress offset weak quarter, and Pemex - high carry but risk outweigh rewards. 
Argentina 4Q24 GDP Beats Expectations, but Outlook Hinges on Policy and IMF Deal
Sheinbaum Restructures Pemex to Strengthen State Control - Pemex’s elevated leverage, continued E&amp;P underperformance, and exposure to refining losses remain key concerns.


Mexico

Petroleos Mexicanos operates as an oil and gas exploration and production services. The Company offers pipeline carriage, petrochemical distributor and shipping centers, logistics, and fuel commercialization services. Petroleos Mexicanos serves customers in Mexico.

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Petroleos Mexicanos (1232Z MM)

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

EM Spreads - Weekly News & Views

Argentina's economy grows above expectations in February, Fitch affirms Cemex's credit rating, Pemex rig suspensions highlight risks, MercadoLibre...

Leandro Gubler

Weekly News & Views

Argentina secures IMF deal with eased currency controls, Telecom Argentina has solid market position but uncertain outlook, Mercado Libre expands...

Leandro Gubler

EM Spreads - Weekly News & Views

Argentina secures $20 billion IMF deal to stabilize markets before midterms, while Pemex and Cemex navigate challenges and YPF launches institute...

Leandro Gubler

Weekly News & Views – Mar 21, 2025

4Q24 results show Minerva improving, YPF progressing, but Pemex remains high risk. Argentina's GDP beat estimates, but outlook depends on policy...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

EM Spreads - Weekly News & Views

​Argentina's economy grows above expectations in February, Fitch affirms Cemex's credit rating, Pemex rig suspensions highlight risks, MercadoLibre...

Leandro Gubler

Weekly News & Views

​Argentina secures IMF deal with eased currency controls, Telecom Argentina has solid market position but uncertain outlook, Mercado Libre expands...

Leandro Gubler

EM Spreads - Weekly News & Views

​Argentina secures $20 billion IMF deal to stabilize markets before midterms, while Pemex and Cemex navigate challenges and YPF launches institute...

Leandro Gubler

Weekly News & Views – Mar 21, 2025

4Q24 results show Minerva improving, YPF progressing, but Pemex remains high risk. Argentina's GDP beat estimates, but outlook depends on policy...

Leandro Gubler

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

Argentina's economy grows above expectations in February, Fitch affirms Cemex's credit rating, Pemex rig suspensions highlight risks, MercadoLibre...

Argentina secures IMF deal with eased currency controls, Telecom Argentina has solid market position but uncertain outlook, Mercado Libre expands...

Argentina secures $20 billion IMF deal to stabilize markets before midterms, while Pemex and Cemex navigate challenges and YPF launches institute...