Rafael Elias

Tellimer Research

Director, Latin America Credit @ Tellimer Research

Formerly Head of Emerging Markets Research and Strategy for Fixed Income at Cantor Fitzgerald, Rafael returned to Tellimer in 2017 to continue his core focus on Latin America as Corporate Credit Analyst, based in New York. Rafael, who last worked with Tellimer in 2010, has covered Latin American companies for more than two decades in roles including emerging markets credit trading at Credit Agricole and Knight Libertas. He began his Wall Street career as a fixed-income and equities analyst focused on Latin America for Credit Suisse First Boston and has held positions at ING Barings, UBS Warburg and Deutsche Bank. 

Rafael Elias
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Latest articles from Rafael Elias

Pemex: Still not cheap enough; reiterate Hold

We retain our Hold recommendation on the family of bonds based on our reconciliation of the company’s poor fundamentals on the one hand, with technicals, market psychology and limited other buying opportunities on the other, which may see Pemex bonds...
Tellimer Research
Rafael
Rafael Elias @ Tellimer Research 13 March 2020

Argentina's Stoneway on path to default

Stoneway Capital Corporation (STNEWY) has announced that it has terminated its previously issued consent solicitation regarding its 10% senior secured bonds due 2027 and that it is now in the process of initiating forbearance discussions with credito...
Tellimer Research
Rafael
Rafael Elias @ Tellimer Research 9 March 2020

Stoneway's problems continue to mount; reiterate Sell

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Rafael
Rafael Elias @ Tellimer Research 27 February 2020
Flash Report / Global

Braskem-Idesa suffering from Pemex's non-payment

Pemex has been missing payments to suppliers and contractors since the start of the Lopez Obrador administration. This is worrisome because it suggests to us that Pemex's finances might not be as sound as the government wants us to believe. On 26 Feb...
Tellimer Research
Rafael
Rafael Elias @ Tellimer Research 27 February 2020

TransJamaican Highway: An exotic new issue

TransJamaican Highway Limited (TJH) has announced it is planning to come to the market with 16.75 year (10.7 years' average life) senior secured bonds, with expected ratings of B+/BB-. The proceeds will be used to repay TJH's aggregate outstanding de...
Tellimer Research
Rafael
Rafael Elias @ Tellimer Research 7 February 2020

Mexico: NBFI Mega's new issue – expensive

Mexico's non-bank financial institution (NBFI) Operadora de Sevicios Mega S.A. de C.V. SOFOM ENR (Mega) – a leasing company based in Guadalajara – is set to come to the market with a US$300mn senior unsecured bond due 11 February 2025 (rated Ba2/BB)....
Tellimer Research
Rafael
Rafael Elias @ Tellimer Research 6 February 2020

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