Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>Argentina’s election setback hit bonds, peso, and equities, reviving “Kicillof risk” and raising concerns over reform momentum, legislative gridlock, and elevated political risk premia.</li>
<li>Suzano priced $1bn 2036s inside guidance, highlighting strong demand and proactive liability management, while Pemex’s $9.9bn buyback and Moody’s B1 upgrade underscored sovereign support.</li>
<li>Markets diverged: LatAm credit widened on Argentine risk, EM and U.S. indices tightened, Argentina’s equities plunged, Brazil and Mexico rallied, oil softened, and U.S. Treasury yields declined.</li>
</ul>


Argentina’s election setback hit bonds, peso, and equities, reviving “Kicillof risk” and raising concerns over reform momentum, legislative gridlock, and elevated political risk premia.
Suzano priced $1bn 2036s inside guidance, highlighting strong demand and proactive liability management, while Pemex’s $9.9bn buyback and Moody’s B1 upgrade underscored sovereign support.
Markets diverged: LatAm credit widened on Argentine risk, EM and U.S. indices tightened, Argentina’s equities plunged, Brazil and Mexico rallied, oil softened, and U.S. Treasury yields declined.


<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

<ul>
<li>Vista Energy - Mercado Libre - Telecom Argentina - Suzano - Cemex</li>
<li>The LatAm Aggregate Index expanded by 14 bps to 331 bps in the week ending Friday, February 28, 2025. </li>
<li>U.S. Treasuries saw significant declines. The 10-year yield fell 22 bps to 4.21%, while the 5-year yield declined 25 bps to 4.02%.</li>
</ul>


Vista Energy - Mercado Libre - Telecom Argentina - Suzano - Cemex
The LatAm Aggregate Index expanded by 14 bps to 331 bps in the week ending Friday, February 28, 2025. 
U.S. Treasuries saw significant declines. The 10-year yield fell 22 bps to 4.21%, while the 5-year yield declined 25 bps to 4.02%.


Argentina

Telecom Argentina SA provides telecommunications services including local, long-distance and international service in Argentina.  The Company, through its subsidiaries, also provides cellular telecommunications services and offers paging services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Telecom Argentina Sa (TECO2 AR)

EM Spreads - Weekly News & Views

Argentina's election setback impacts bonds, peso, and equities, raising concerns over reform momentum and political risk, while LatAm credit...

Leandro Gubler

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

Weekly News & Views - Feb 28, 2025

The LatAm Aggregate Index expanded by 14 bps to 331 bps in the week ending Friday, February 28, 2025. Meanwhile, the broader Emerging Market Index...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EM Spreads - Weekly News & Views

​Argentina's election setback impacts bonds, peso, and equities, raising concerns over reform momentum and political risk, while LatAm credit...

Leandro Gubler

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

Weekly News & Views - Feb 28, 2025

The LatAm Aggregate Index expanded by 14 bps to 331 bps in the week ending Friday, February 28, 2025. Meanwhile, the broader Emerging Market Index...

Leandro Gubler

Argentina's election setback impacts bonds, peso, and equities, raising concerns over reform momentum and political risk, while LatAm credit...

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