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

30 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• CSN: Plans new bond of up to US$1 billion to manage 2028 maturities (1-212) 834-9150

natalia.corfield@jpmorgan.com

• MSU Energy: Fitch upgrades to B-, outlook stable J.P. Morgan Securities LLC

• Bladex: Mixed 2Q26; Fundamentals intact, but AT1 has run its course Alejandra Andrade

(1-212) 834-3220

• Earnings Calendar alejandra.andrade@jpmorgan.com

• Performance J.P. Morgan Securities LLC

Ian B Snyder

Prices in this note are as of July 29, 2026. (1-212) 834-3798

ian.b.snyder@jpmchase.com

J.P. Morgan Securities LLC

Florencia Palacios

CSN: Plans new bond of up to US$1 billion to manage 2028 maturities

(1-212) 622-1129

According to O Estado de Sao Paulo, CSN is preparing an international bond florencia.x.palacios@jpmorgan.com

offering of up to US$1 billion to address its US$1.3 billion notes due 2028. The J.P. Morgan Securities LLC

liability management plan would repay US$300 million in cash at par using Bhavya Gupta

existing liquidity and roll the remainder into new 2030 notes, with an expected (91-22) 6157-3132

launch size of at least US$500 million (final size dependent on demand) and a bhavya.x.gupta@jpmchase.com

targeted 9%–10% coupon, although creditors reportedly are pushing for a higher J.P. Morgan India Private Limited

coupon closer to 11%. If this materializes, we would view it positively as it would

reduce a key overhang and lower refinancing risk, though asset sales (notably the

cement business) and progress on near-term bank debt and other maturities remain

important for a more constructive credit view.