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

Vista Acquires Equinor’s Vaca Muerta Assets, Reinforcing Core Acreage Position

Vista 4Q25: Operational Momentum Reinforces Curve Preference

Vista 1Q26: Production Scale and FCF Outlook Support Deleveraging Path

EM Spreads

Credit

<ul>
<li>Vista’s larger production base is beginning to convert into cash, with net leverage down to 1.45x and FFO/debt improving to 40.6%.</li>
<li>We maintain Overweight, but the curve call changes. The 2033s have compressed, the 2035s look fair, and the 2038s offer the best remaining concession.</li>
<li>Liquidity is better but still selective. Cash covers 83% of short-term debt, with no international bond amortization until 2031, but no disclosed committed USD revolver.</li>
</ul>


Vista’s larger production base is beginning to convert into cash, with net leverage down to 1.45x and FFO/debt improving to 40.6%.
We maintain Overweight, but the curve call changes. The 2033s have compressed, the 2035s look fair, and the 2038s offer the best remaining concession.
Liquidity is better but still selective. Cash covers 83% of short-term debt, with no international bond amortization until 2031, but no disclosed committed USD revolver.


Vista 2Q26: Production Scale Begins to Convert into Cash

Vista Energy SAB de CV

Vista 2Q26: Production Scale Begins to Convert into Cash