LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

J P M O R G A N Latin America Credit Research

20 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Latin America Corporate Research

Natalia Corfield AC

(1-212) 834-9150

natalia.corfield@jpmorgan.com

J.P. Morgan Securities LLC

Alejandra Andrade

Highlights (1-212) 834-3220

alejandra.andrade@jpmorgan.com

• LAST WEEK of the EXTEL Survey: If you think our research has added value, J.P. Morgan Securities LLC

please consider casting your vote here. We genuinely appreciate your support! Ian B Snyder

• Latin America Corporates 2Q26: The second half playbook—playing to win (1-212)ian.b.snyder@jpmchase.com834-3798

in a market of tight spreads and high stakes J.P. Morgan Securities LLC

• Andean Utilities: Shining a light on key themes and top trades Florencia Palacios

• Raizen and Adecoagro: Caarapo Mill sale (1-212)florencia.x.palacios@jpmorgan.com622-1129

• Rumo: Moody’s downgrades to Ba3; outlook changed to negative J.P. Morgan Securities LLC

Bhavya Gupta

• Pampa: Turning Vaca Muerta gas into a competitive fertilizer franchise (91-22) 6157-3132

• Upcoming Webinars: bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

• TODAY: Mid-year catch-up with the Latam team

• Wednesday, July 22: Demystifying Brazilian bankruptcy: A practical guide

to EJ, RJ and creditor rights

• Earnings Calendar

• Performance

Prices in this note are as of July 17, 2026.

Latin America Corporates 2Q26: The second half playbook—playing to win

in a market of tight spreads and high stakes

We published today our quarterly presentation. Latin American corporates

delivered strong positive returns in 2Q26 (+3.3%), outperforming the CEMBI

Broad (+2.4%), with HY leading the rally and driving most of the relative