Latin America Corporates: How to play LATAM as we enter 2H26 – Top 6 ideas, 12 themes, 4 pair trades and 93 recommendations

Research evidence excerpt

Latin America Corporates: How to play LATAM as we enter 2H26 – Top 6 ideas, 12 themes, 4 pair trades and 93 recommendations

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

21 July 2026

Latin America Corporates

How to play LATAM as we enter 2H26 – Top 6 ideas, 12

themes, 4 pair trades and 93 recommendations

Latin America Corporate Research

Natalia Corfield AC

(1-212) 834-9150

natalia.corfield@jpmorgan.com

Alejandra Andrade

In this report, we summarize our key recommendations and top trades as we enter (1-212) 834-3220

alejandra.andrade@jpmorgan.com

the second half of 2026. Despite a series of credit events at the end of 2025 and into

Ian B Snyderearly 2026, the first half proved constructive for the CEMBI Latam, with the index

(1-212) 834-3798

returning 2.8% and outperforming both the CEMBI Broad (2.0%) and US HY ian.b.snyder@jpmchase.com

(+2.5%). Looking ahead, we believe the asset class remains well-positioned to

Florencia Palacios

benefit from supportive technicals, with our strategists projecting EM fund flows (1-212) 622-1129

of US$45 billion in 2026 and our own projections pointing to marginally negative florencia.x.palacios@jpmorgan.com

net financing for Latin America corporates. That said, US macro uncertainty and J.P. Morgan Securities LLC

historically tight spreads remain constraints, leaving limited cushion and

reinforcing the case for disciplined credit selection and issuer-level differentiation.

Against this backdrop, our approach remains selective and conviction-driven. We

are OW Financials and Oil & Gas, and have recently increased our exposure to

Utilities, while maintaining a cautious stance on Consumer and Pulp & Paper,

where the majority of our fundamentally-driven UWs are concentrated. From a