EM Spreads

Leandro Gubler

Independent Insight Provider

Credit

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

<ul>
<li>We are initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds.  We are optimistic about MELI’s overall financial and business risks.</li>
<li>For EM investors, we prefer MELI 2.375% 2026 notes with a 10-30 bps compression potential. These bonds are trading wide compared to the Brazilian Sovereign and the benchmarks. </li>
<li>For US investors, MELI's risk-reward symmetry is especially compelling, given that 2031 bonds are trading wide by around 75 bps compared to global e-commerce and fintech peers. </li>
</ul>


We are initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds.  We are optimistic about MELI’s overall financial and business risks.
For EM investors, we prefer MELI 2.375% 2026 notes with a 10-30 bps compression potential. These bonds are trading wide compared to the Brazilian Sovereign and the benchmarks. 
For US investors, MELI's risk-reward symmetry is especially compelling, given that 2031 bonds are trading wide by around 75 bps compared to global e-commerce and fintech peers. 


MercadoLibre: A Credit Look into the Latin American Rising Star

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

<ul>
<li>We are initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds. </li>
<li>Cemex’s business position, favorable market trends within its key markets, commitment to further strengthening its credit profile, and credit-positive strategic priorities support our optimistic view on the name.</li>
<li>For EM investors, we prefer CX 5.20% 2030, considering these bonds are trading wide to the Mexican Sovereign, the EM BBB Index, and the LatAm BBB Index.</li>
</ul>


We are initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds. 
Cemex’s business position, favorable market trends within its key markets, commitment to further strengthening its credit profile, and credit-positive strategic priorities support our optimistic view on the name.
For EM investors, we prefer CX 5.20% 2030, considering these bonds are trading wide to the Mexican Sovereign, the EM BBB Index, and the LatAm BBB Index.


Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

EM Spreads

MercadoLibre: A Credit Look into the Latin American Rising Star

Initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds due to an optimistic financial outlook and attractive risk-reward...

Leandro Gubler

Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

Initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds due to favorable market trends and credit-positive strategic priorities.

Leandro Gubler

MercadoLibre: A Credit Look into the Latin American Rising Star

​Initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds due to an optimistic financial outlook and attractive risk-reward...

Leandro Gubler

Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

​Initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds due to favorable market trends and credit-positive strategic priorities.

Leandro Gubler

Initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds due to an optimistic financial outlook and attractive risk-reward...

Initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds due to favorable market trends and credit-positive strategic priorities.