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

U.S. Tariffs and Their Potential Impact on Cemex and Pemex

Cemex 4Q24: A Solid EM Credit, But Tariff Overhang Limits Near-Term Potential

Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen

PEMEX 3Q24: Government Support Continues to Strengthen

Initiating Coverage on Pemex: Set to Outperform on Reclassification Potential

EM Spreads

Credit

<ul>
<li>We need to see concrete action from the Mexican government to maintain an Outperform recommendation.</li>
<li>Pemex’s deteriorating operational metrics will likely increase its need for government assistance.</li>
<li>Within Pemex’s capital structure, we continue to prefer the PEMEX (B3/BBB/B+) 5.950% 2031, the PEMEX 6.625% 2035, the PEMEX 6.625% 2038, and the PEMEX 7.690% 2050.</li>
</ul>


We need to see concrete action from the Mexican government to maintain an Outperform recommendation.
Pemex’s deteriorating operational metrics will likely increase its need for government assistance.
Within Pemex’s capital structure, we continue to prefer the PEMEX (B3/BBB/B+) 5.950% 2031, the PEMEX 6.625% 2035, the PEMEX 6.625% 2038, and the PEMEX 7.690% 2050.


Pemex: Lack of Concrete Action Weights on the Outperform Thesis

Petroleos Mexicanos

Pemex: Lack of Concrete Action Weights on the Outperform Thesis