reports
- Felix Fischer
Latam Trade Book - 17 September 2025 - Lucror Analytics
In the latest edition of our LatAm Trade Book, we review most of our current trade recommendations. We also discuss key metrics of the issuers and how the bonds fare relative to peers. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our LatAm coverage.
PBR.N PETROLEO BRASILEIRO S/A ADS
MELI MERCADOLIBRE INC.
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
ARCO ARCOS DORADOS HOLDINGS INC. CLASS A
ACD ADECOAGRO S.A.
CENCOSUD CENCOSUD S.A.
VCM.B VOLCAN COMPANIA MINERA S.A.A. CLASS B
4FZ ORBIA ADVANCE CORP. SAB DE CV
PAMP PAMPA ENERGIA SA
MINSURI1 MINSUR S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
KUOB GRUPO KUO S.A.B.
ECOPETROL ECOPETROL SA
AEROMEX GRUPO AEROMEXICO
PFAVH AVIANCA HOLDINGS SA PFD
INRETC1 INRETAIL PERU
AESGENER AES GENER S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
TUPY3 TUPY S/A ORD
UGPA3 ULTRAPAR PARTICIPACOES S.A.
USIM5 USINAS SIDERURGICAS DE MINAS GERAIS PREF A
NATU3 NATURA & CO HOLDING SA
LTM LATAM AIRLINES GROUP SA
FEC FRONTERA ENERGY CORP
NEXA NEXA RESOURCES S.A.
RAIL3 RUMO SA
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
AMBP3 AMBIPAR PARTICIPACOES E EMPREEN
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Felix Fischer
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Felix Fischer
PBR.N PETROLEO BRASILEIRO S/A ADS
MELI MERCADOLIBRE INC.
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
ARCO ARCOS DORADOS HOLDINGS INC. CLASS A
ACD ADECOAGRO S.A.
CENCOSUD CENCOSUD S.A.
VCM.B VOLCAN COMPANIA MINERA S.A.A. CLASS B
4FZ ORBIA ADVANCE CORP. SAB DE CV
PAMP PAMPA ENERGIA SA
ALSEA ALSEA S.A.B. DE C.V.
MINSURI1 MINSUR S.A.
FALABELLA FALABELLA S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
KUOB GRUPO KUO S.A.B.
ECOPETROL ECOPETROL SA
AEROMEX GRUPO AEROMEXICO
PFAVH AVIANCA HOLDINGS SA PFD
INRETC1 INRETAIL PERU
AESGENER AES GENER S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
TUPY3 TUPY S/A ORD
UGPA3 ULTRAPAR PARTICIPACOES S.A.
USIM5 USINAS SIDERURGICAS DE MINAS GERAIS PREF A
NATU3 NATURA & CO HOLDING SA
LTM LATAM AIRLINES GROUP SA
FEC FRONTERA ENERGY CORP
NEXA NEXA RESOURCES S.A.
RAIL3 RUMO SA
KALLPA KALLPA
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
SUZANO SUZANO
UNIGEL UNIGEL
AMBP3 BZ AMBIPAR PARTICIPACOES E EMPR
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
Lucror Analytics - Morning Views Latam
In today's Morning Views publication we comment on developments of the following high yield issuers: YPF, Falabella, Geopark, Canacol, Cencosud, TGS, Millicom, Klabin, C&W Communications, Movida, GOL, Orbia, Minerva, Suzano, Rumo, Investment Energy Resources, Simpar, Ultrapar
CENCOSUD CENCOSUD S.A.
4FZ ORBIA ADVANCE CORP. SAB DE CV
FALABELLA FALABELLA S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
UGPA3 ULTRAPAR PARTICIPACOES S.A.
RAIL3 RUMO SA
KLBN3 KLABIN SA
SUZANO SUZANO
- Felix Fischer
PBR.N PETROLEO BRASILEIRO S/A ADS
MELI MERCADOLIBRE INC.
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
ARCO ARCOS DORADOS HOLDINGS INC. CLASS A
ACD ADECOAGRO S.A.
CENCOSUD CENCOSUD S.A.
AZTECA.CPO TV AZTECA S.A. DE C.V. CPO
VCM.B VOLCAN COMPANIA MINERA S.A.A. CLASS B
4FZ ORBIA ADVANCE CORP. SAB DE CV
PAMP PAMPA ENERGIA SA
MINSURI1 MINSUR S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
KUOB GRUPO KUO S.A.B.
ECOPETROL ECOPETROL SA
AEROMEX GRUPO AEROMEXICO
PFAVH AVIANCA HOLDINGS SA PFD
INRETC1 INRETAIL PERU
AESGENER AES GENER S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
TUPY3 TUPY S/A ORD
UGPA3 ULTRAPAR PARTICIPACOES S.A.
USIM5 USINAS SIDERURGICAS DE MINAS GERAIS PREF A
NATU3 NATURA & CO HOLDING SA
LTM LATAM AIRLINES GROUP SA
FEC FRONTERA ENERGY CORP
NEXA NEXA RESOURCES S.A.
RAIL3 RUMO SA
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
AMBP3 AMBIPAR PARTICIPACOES E EMPREEN
- Felix Fischer
Latam Trade Book - 14 April 2025 - Lucror Analytics
In the latest edition of our LatAm Trade Book, we review most of our current trade recommendations. We also discuss key metrics of the issuers and how the bonds fare relative to peers. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our LatAm coverage.
PBR.N PETROLEO BRASILEIRO S/A ADS
MELI MERCADOLIBRE INC.
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
ARCO ARCOS DORADOS HOLDINGS INC. CLASS A
ACD ADECOAGRO S.A.
CENCOSUD CENCOSUD S.A.
AZTECA.CPO TV AZTECA S.A. DE C.V. CPO
VCM.B VOLCAN COMPANIA MINERA S.A.A. CLASS B
4FZ ORBIA ADVANCE CORP. SAB DE CV
PAMP PAMPA ENERGIA SA
ALSEA ALSEA S.A.B. DE C.V.
MINSURI1 MINSUR S.A.
FALABELLA FALABELLA S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
KUOB GRUPO KUO S.A.B.
ECOPETROL ECOPETROL SA
AEROMEX GRUPO AEROMEXICO
PFAVH AVIANCA HOLDINGS SA PFD
INRETC1 INRETAIL PERU
AESGENER AES GENER S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
TUPY3 TUPY S/A ORD
UGPA3 ULTRAPAR PARTICIPACOES S.A.
USIM5 USINAS SIDERURGICAS DE MINAS GERAIS PREF A
NATU3 NATURA & CO HOLDING SA
LTM LATAM AIRLINES GROUP SA
FEC FRONTERA ENERGY CORP
NEXA NEXA RESOURCES S.A.
RAIL3 RUMO SA
KALLPA KALLPA
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
SUZANO SUZANO
UNIGEL UNIGEL
AMBP3 BZ AMBIPAR PARTICIPACOES E EMPR
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
Lucror Analytics - Morning Views Latam
In today's Morning Views publication we comment on developments of the following high yield issuers: Embraer, Falabella, Grupo Posadas, Pemex, TGS, Iochpe-Maxion, Millicom, Klabin, Total Play, Buenaventura, Marfrig, Liberty Puerto Rico, BRF, Braskem, Hidrovias, Cosan SA
- Felix Fischer
PBR.N PETROLEO BRASILEIRO S/A ADS
MELI MERCADOLIBRE INC.
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
ARCO ARCOS DORADOS HOLDINGS INC. CLASS A
ACD ADECOAGRO S.A.
CENCOSUD CENCOSUD S.A.
AZTECA.CPO TV AZTECA S.A. DE C.V. CPO
VCM.B VOLCAN COMPANIA MINERA S.A.A. CLASS B
4FZ ORBIA ADVANCE CORP. SAB DE CV
PAMP PAMPA ENERGIA SA
ALSEA ALSEA S.A.B. DE C.V.
MINSURI1 MINSUR S.A.
FALABELLA FALABELLA S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
KUOB GRUPO KUO S.A.B.
ECOPETROL ECOPETROL SA
AEROMEX GRUPO AEROMEXICO
PFAVH AVIANCA HOLDINGS SA PFD
INRETC1 INRETAIL PERU
AESGENER AES GENER S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
TUPY3 TUPY S/A ORD
UGPA3 ULTRAPAR PARTICIPACOES S.A.
USIM5 USINAS SIDERURGICAS DE MINAS GERAIS PREF A
NATU3 NATURA & CO HOLDING SA
LTM LATAM AIRLINES GROUP SA
FEC FRONTERA ENERGY CORP
NEXA NEXA RESOURCES S.A.
RAIL3 RUMO SA
KALLPA KALLPA
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
AMBP3 AMBIPAR PARTICIPACOES E EMPREEN
SUZANO SUZANO
UNIGEL UNIGEL
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Alejandro Quelch
TGS: Q3 shows operating improvements
Quarterly figures were a positive surprise at the operating level. Operating income reached $ 5,450 million (+ 22.7% YoY), exceeding our estimates of $ 5,150 million, with a margin improvement of 693 basis points in 3Q20 to 42.23%. This was driven by an efficient management of administration and marketing costs, which fell by $ 896 million (vs. $ 185 million estimated) in 3Q20 YoY, and a 3% improvement in net sales due to a better performance of the Liquids business. At the bottom line, net i...
- Diego Burzaco
TGS: The worst quarter is here but future remains uncertain
Unsurprisingly, TGS's quarterly figures were worse than those seen in 1Q20 as the quarantine tightened and the economy came to a complete standstill. Net sales were down 25.9% YoY to $ 10,735 million, below our estimates of $ 11,150 million. The deviation was justified by a greater than expected drop in the Production and Marketing of Liquids unit (-40% vs. -35% expected), partially offset by a greater than estimated improvement in Telecommunications unit (+21% vs. +8% expected). The good new...
- Diego Burzaco
TGS: Not out of the woods, worse is yet to come
Transportadora Gas del Sur (TGSU2) disclosed 1Q20 earnings, which don’t reflect the real impact of Covid-19 on its business yet. Quarterly net revenues stood at $ 12,121 million, 11.4% lower than in 1Q19. A 9% yoy drop has been observed in Gas Transportation revenues, explained by fewer firm contracts. The Liquids business sales plunged 18% yoy, as a result of a 19% drop in export prices and 25% lower exported volume. Free cash flow fell by $ 6,358 million due to lower sales and Capex of $ 2,....
- Juan Guma
- Nicolás Viveros
Argentina fixed income strategy weekly
Uncertainty surrounding the restructuring process would continue in the short term as Economy minister Martin Guzman did not disclose any details regarding a proposal for the debt restructuring in his last week’s webcast. Furthermore, the offer has been postponed to April. On the fiscal side, Guzman said that no further adjustments would be carried out and primary equilibrium would be reached in 2023, worsening the outlook for a potential proposal to bondholders. The significant outflow of ri....
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