Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

PEMEX 2Q26: Better Metrics, Support Still Matters

Pemex: Lower 2027 Transfer Reflects Refinancing Progress

Brazil Sovereign Debt: External Strength, Fiscal Drift

Argentina Sovereign Debt: Normalization Trade, Not Normalized Credit

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

Mexico Fund /

Mexico Sovereign Debt: Investment Grade at a Discount