Central America & the Caribbean — Quality Carry in a Fully Valued Market
The Central America and Caribbean sovereign bond universe remains one of the most attractive sources of carry within emerging market fixed income. While spreads across the region have compressed toward multi-year tights, selective opportunities remain for investors willing to focus on sovereign credits with strong fundamentals, improving fiscal dynamics, and attractive roll-down profiles. In this […]
YPF 1Q26: Exceptional Free Cash Flow Confirms Deleveraging Thesis
YPF delivered a transformative first quarter of 2026, reinforcing the company’s deleveraging story through exceptional free cash flow generation, improving operational efficiency, and continued growth in Vaca Muerta shale production. Adjusted EBITDA increased 28% year-over-year to $1.59 billion, while free cash flow reached $871 million, supporting a significant reduction in net leverage to 1.57x. The […]
April 2026 Market Commentary
The April 2026 Market Commentary reviews the key developments that shaped global financial markets during the month, including the strong rebound in U.S. equities, Federal Reserve policy uncertainty, and the impact of elevated energy prices on the economic outlook. Despite ongoing geopolitical tensions and volatility in commodity markets, major stock indices reached new highs, highlighting […]
Vista Energy 1Q26: Strong Production Growth Underpins the Overweight
Vista Energy delivered strong first-quarter 2026 results, reinforcing our Overweight recommendation on the credit. Production increased 67% year-over-year to 135 Mboe/d, driven by the consolidation of La Amarga Chica and continued operational execution in Vaca Muerta. Revenues rose 58% to $694 million, while adjusted EBITDA increased 64% to $451 million, reflecting lower operating costs and […]
Sri Lanka Sovereign Bonds: Past Stabilization, Pricing the Exit
Executive Summary Khorlan Capital initiates coverage of Sri Lanka’s hard-currency sovereign debt with an Overweight recommendation. Following the successful completion of its external debt restructuring and continued progress under the IMF Extended Fund Facility, Sri Lanka has moved beyond the stabilization phase and entered a period where debt sustainability, reserve accumulation, and future market access […]
Turkey Sovereign Credit Research – June 2026
Turkey Sovereign Bond Research – June 2026 We maintain an Overweight recommendation on Türkiye’s USD sovereign bond curve, favoring the 2031–2033 maturity sector as the most attractive risk-adjusted opportunity in emerging market fixed income. While higher oil prices temporarily delayed the country’s credit re-rating, Türkiye continues to benefit from an orthodox economic policy framework, improving […]