Protegido: JBS Nueva Emisión $Benchmark 2 Tramos: Gestión de Pasivos Comprime la Curva 30 de marzo 2026
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$100 Oil: How the Middle East Conflict Affects Your Portfolio March 28 2026
The ongoing conflict in Iran and the effective closure of the Strait of Hormuz have pushed oil prices sharply higher. Both Brent crude and WTI have jumped from around $70 per barrel to over $100 in a matter of days — levels last seen in 2022 when Russia invaded Ukraine. Headlines are warning of a […]
Minerva 4Q25: Domestic Weakness and Cost Inflation March 25, 2026
Minerva delivered a record FY2025 — EBITDA of R$4.8BN (+54% YoY), Net Revenue of R$54.8BN (+61% YoY), and FCF of R$1.5BN — all well ahead of Bloomberg consensus. However, 4Q25 missed on every key metric: EBITDA of R$1.2BN was ~9% below consensus, FCF turned negative at R$-408M, and gross margin contracted 280bps as cattle cost […]
Argentina: Los Logros de Estabilización se Consolidan, pero el Riesgo de Ejecución Persiste
Argentina ha logrado una estabilización significativa en los últimos dos años: dos superávits fiscales consecutivos, una fuerte caída de la inflación desde niveles de tres dígitos, un balance del banco central fortalecido y la eliminación de la mayoría de los controles cambiarios. La economía repuntó con fuerza en 2025 (+4,5% del PBI) y está encaminada […]
Argentina: Stabilization Gains Consolidate, Execution Risk Remains March 23 2026
Argentina has delivered a meaningful stabilization over the past two years: two consecutive fiscal surpluses, a sharp decline in inflation from triple digits, a strengthened central bank balance sheet, and the removal of most foreign exchange restrictions. The economy rebounded strongly in 2025 (+4.5% GDP) and is on track for sustained, if more moderate, growth […]
CSN Group 4Q25: Record EBITDA, but Leverage Remains a Concern March 20, 2026
CSN Group delivered a record full-year EBITDA of R$11.8 billion (+15.3%), driven by all-time high mining sales volumes (45.8 Mt), record logistics results, and a cement margin recovery in 4Q25. Results beat expectations on both revenue and EBITDA. However, leverage rose to 3.47x — above target — on negative free cash flow and elevated CAPEX. […]