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

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

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

Initiating Coverage on Pemex: Set to Outperform on Reclassification Potential

Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion

EM Spreads

Credit

<ul>
<li>Within Suzano’s capital structure, we prefer the 3.750% 2031 and 3.125% 2032 bonds, as they compare favorably to select peers, the broader EM BBB Index, and the US BBB Index.</li>
<li>Uncertainty over Brazil’s economic outlook, including currency weakness and fiscal challenges, along with potential trade policy risks under the new US administration, increases headline risk and limits upside potential.</li>
<li>Suzano is the world's largest producer of eucalyptus pulp and a leading integrated pulp and paper company.</li>
</ul>


Within Suzano’s capital structure, we prefer the 3.750% 2031 and 3.125% 2032 bonds, as they compare favorably to select peers, the broader EM BBB Index, and the US BBB Index.
Uncertainty over Brazil’s economic outlook, including currency weakness and fiscal challenges, along with potential trade policy risks under the new US administration, increases headline risk and limits upside potential.
Suzano is the world's largest producer of eucalyptus pulp and a leading integrated pulp and paper company.


Initiating Coverage on SUZANO: Headline Risk Limits Upside Potential