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

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

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

Weekly News & Views (Suzano, YPF, Vista, Cemex, Minerva).

Pemex: Lack of Concrete Action Weights on the Outperform Thesis

Cemex 3Q24: Long-Term Outlook Clouded by Near-Term Risks

PEMEX 3Q24: Government Support Continues to Strengthen

EM Spreads

Credit

<ul>
<li>Given the scale of these trade flows, any imposition of tariffs by the U.S. could create significant ripple effects on Mexico’s economic growth, investment climate, and employment</li>
<li>In LTM September 2024, Cemex generated ~31% of its revenues in Mexico and 31% in the U.S., while 44% of its EBITDA came from Mexico and 29% from the U.S</li>
<li>The U.S. market represents a meaningful portion of Pemex’s crude exports. In 2024, the company exported 460 kbd, accounting for 57.1% of total exports and 26.5% of total production</li>
</ul>


Given the scale of these trade flows, any imposition of tariffs by the U.S. could create significant ripple effects on Mexico’s economic growth, investment climate, and employment
In LTM September 2024, Cemex generated ~31% of its revenues in Mexico and 31% in the U.S., while 44% of its EBITDA came from Mexico and 29% from the U.S
The U.S. market represents a meaningful portion of Pemex’s crude exports. In 2024, the company exported 460 kbd, accounting for 57.1% of total exports and 26.5% of total production


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

Cemex SAB de CV

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