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

Telecom Argentina 4Q25: Results Support Credit Despite Integration Pressures

Telecom Argentina 1Q26: Credit Improves, Upside Narrows

Telecom Argentina: TMA Remedies Hit Business, Credit Holds

Telecom 3Q25: Stronger Margins and a More Constructive Outlook

Initiating Coverage on Telecom: Solid Market Position but Uncertain Outlook

Minerva 4Q24: Acquisition Outlook and Market Tailwinds Support Credit Upgrade

EM Spreads

Credit

<ul>
<li>
Liquidity Profile Strengthened: The US$600m issuance at 8.625% yield replaces near-term debt with 10-year paper, effectively smoothing the maturity profile and reducing immediate refinancing risks.</li>
<li>
Regulatory Overhang Persists: While the Telefónica acquisition offers transformative synergies, significant execution risk remains due to ongoing government intervention and uncertain approval timelines, capping immediate credit upside.</li>
<li>
Relative Value Shifts to 2036s: We maintain an Overweight stance but favor the new 2036 notes</li>
</ul>



Liquidity Profile Strengthened: The US$600m issuance at 8.625% yield replaces near-term debt with 10-year paper, effectively smoothing the maturity profile and reducing immediate refinancing risks.

Regulatory Overhang Persists: While the Telefónica acquisition offers transformative synergies, significant execution risk remains due to ongoing government intervention and uncertain approval timelines, capping immediate credit upside.

Relative Value Shifts to 2036s: We maintain an Overweight stance but favor the new 2036 notes


Telecom Argentina Prices US$600m 10Y Notes at 8.625%, Extending Maturities