LATAM Corporates Daily: Your daily dose of all things LatAm

研报英文原文证据摘录

LATAM Corporates Daily: Your daily dose of all things LatAm

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

23 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: El Niño—uneven effects across Latam (1-212)ian.b.snyder@jpmchase.com834-3798

• SIMPAR: Divestment of two port terminals J.P. Morgan Securities LLC

• Vale: Oliveira elected as new Chairman Florencia(1-212) 622-1129Palacios

• Earnings Calendar florencia.x.palacios@jpmorgan.com

• Performance Bhavya Gupta

Prices in this note are as of July 22, 2026. (91-22) 6157-3132

bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

Latin America Corporates: El Niño—uneven effects across Latam

El Niño is a regional shock, but not a uniform one: the timing, rainfall pattern, and

macro impact vary materially by country. Forecasts point to a rising probability of

a very strong El Niño building into late 2026/ early 2027. Overall, El Niño tends

to bring wetter conditions to parts of Peru and Chile (and often southern Brazil and

Argentina), but the signal is uneven: in Peru, conditions are typically wetter in the

north while the south skews drier and the central zone can go either way; in Chile,

outcomes in the central basins are difficult to forecast and depend heavily on when

precipitation arrives within the seasonal cycle and on snow dynamics (the