Independent Latin American Credit Research

Elqui Bond ResearchBonds explained clearly.

We publish independent credit research, written to institutional standards, on Latin American corporate and financial debt. Free from banking ties, issuer relationships or rating agency conventions, the work is evidence-led and produced for European wealth managers, family offices and professional investors. It is supplied as a factual analytical input into your own credit process.

No issuer commissions, no trading-desk commitments, no conflicts of interest. Research is available directly, without the institutional gatekeeping that typically restricts access to quality credit work.

10+
years buy-side credit experience
LatAm
Chile · Peru · Colombia · Mexico · Brazil · Argentina · Paraguay
IG + HY
investment grade and high yield
Independent
no issuer, bank or desk ties

The model

A trusted analytical input.

Elqui Bond Research produces rigorous, fact-traceable credit analysis for European wealth managers and family offices working on Latin American fixed income. Each credit view is built bottom-up from filings, prospectuses and primary data - issuer profile, adjusted financials, scenarios, recovery, capital structure and covenants - and written to the standard of a credit committee, never a marketing note. Because the work is fully independent of issuers, banks and trading desks, the analysis is unconflicted: it reflects only what the evidence supports.

  • Fully independent of issuers, banks and trading desks: no research-for-fees, no rating conventions, no conflicts of interest.
  • Accessible to any qualified investor or wealth manager, regardless of custodian or trading relationships - institutional-grade work without the institutional gatekeeping.
  • We supply credit analysis as an input. It is not investment advice, not a personal recommendation, not a suitability assessment and not a credit rating.
  • Every claim in a dossier is traceable to a specific filing, prospectus or primary data point - transparency by construction.

Services

Analytical services, quietly rigorous.

Each service is delivered with the same independence of judgement: no issuer has paid for favourable coverage, no bank requires a trading relationship, and no analysis is adjusted to preserve a mandate. You receive factual credit analysis - directly and on terms scaled to the engagement. No service includes investment advice, portfolio recommendations or any assessment of whether an instrument is suitable for you or your clients.

01

Initial Credit Dossier

A full, bottom-up analysis, concluding in a single narrative credit view.

  • Business profile, industry position and governance
  • Adjusted financials, leverage and liquidity
  • Capital structure and covenant analysis across the debt stack
  • Base and downside scenarios with multi-method recovery analysis
02

Surveillance Updates

Ongoing monitoring of covered issuers after results and material events.

  • Quarterly results review against prior analysis
  • Event-driven notes on refinancings and material disclosures
  • Tracking of rating agency actions
  • Revisions to scenarios and the narrative credit view where warranted
03

Credit Snapshot

A single-page summary of an issuer, designed for a quick and structured first read.

  • Company description and principal business lines
  • Summary financials and key credit metrics
  • Outstanding bonds and debt maturity schedule
  • Evolution of revenue and earnings
04

Financial Model in Excel

The complete fundamental model behind each Credit Dossier.

  • Historical and adjusted financial statements
  • Forecasts, scenarios and recovery calculations
  • All charts contained in the Credit Dossier
  • Professionally presented and structured throughout

Approach

An evidence-led method, applied consistently.

  1. 01Financing purpose & capital structure - understanding why the debt exists
  2. 02Qualitative analysis - industry, strategy, governance, ESG and country risk
  3. 03Financial statement analysis - adjusted earnings, cash flow, leverage
  4. 04Forecasting & scenario analysis - base and downside cases
  5. 05Corporate valuation & recovery - multi-method TEV range
  6. 06Structuring & documentation review - covenants, seniority, collateral
  7. 07Credit assessment & analytical write-up for the investment committee

Every claim is traceable to a specific filing or primary data point. Modern quantitative and AI workflows widen coverage and reinforce consistency, but credit judgement remains human and the investment decision remains, always, with the client. Independence is preserved throughout: the analyst has no economic interest in any issuer, bank or trading desk.

Coverage

Latin American Corporate Debt in focus

Coverage is deliberately concentrated on Latin American Corporate Debt: fixed-income securities and debt obligations of issuers domiciled in the region or whose principal business activity takes place within it. Focus markets include Chile, Peru, Colombia, Mexico, Brazil, Argentina and Paraguay. Nevertheless, the scope is not limited to them. Work on any other Latin American issuer can be undertaken as client mandates require.

Region
Latin AmericaChilePeruColombiaMexicoBrazilArgentinaParaguay
Market Sectors
CorporatesFinancials
Debt Ranking
Senior SecuredSenior UnsecuredSubordinatedHybrid
Quality
Investment GradeHigh Yield
Currencies
USDEUR

Sample dossier

Review the work before you engage

Sample Credit Dossiers are available on request. The same structure, analytical depth and evidentiary traceability you would receive on any covered Latin American issuer.

By downloading any of the sample dossiers, you acknowledge that you have read and accept the full legal notice. Read the full legal notice.

Suzano S.A. credit dossier - Cover
Cover
Suzano S.A. credit dossier - The bond at a glance
The bond at a glance
Suzano S.A. credit dossier - Risk summary
Risk summary

Pricing

Plans and prices

  • All prices are in euro and exclude VAT.
  • The service is sold to professional market participants only.
  • The trial is optional and available on Basic only. It lasts 15 days, or ends earlier once the whole allowance is used, then converts to Basic monthly at €99 per month plus VAT.

Trial

Free15 days, then Basic monthly

Snapshots
5
Short reports
5
Credit dossiers
Yes
Surveillance updates
No
Financial models
No
Analyst calls per year
No
Start your trial

Basic

€99per month, excluding VAT

Snapshots
Unlimited
Short reports
Unlimited
Credit dossiers
3
Surveillance updates
No
Financial models
No
Analyst calls per year
No
Subscribe

Premium

€299per month, excluding VAT

Snapshots
Unlimited
Short reports
Unlimited
Credit dossiers
Unlimited
Surveillance updates
Yes
Financial models
No
Analyst calls per year
2
Subscribe

Premium Plus

€599per month, excluding VAT

Snapshots
Unlimited
Short reports
Unlimited
Credit dossiers
Unlimited
Surveillance updates
Yes
Financial models
Yes
Analyst calls per year
4
Subscribe

Prices may be changed from time to time. Any change never affects a period that has already been paid for.

About

Founder & CEO

Marco Lantermo, founder of Elqui Bond Research
Marco Lantermo · Founder

Elqui Bond Research publishes Latin American credit analysis, written to institutional standards, for wealth managers, family offices, financial advisers and professional investors. Founded by Marco Lantermo, a Luxembourg-based credit analyst with over a decade of buy-side experience, the firm produces independent, unconflicted research on Latin American corporate and financial debt.

Marco's background merges bottom-up corporate credit research with the management of fixed-income and multi-asset portfolios. He built his career within institutional fixed-income teams covering both investment-grade and high-yield debt, and now brings that front-office analytical experience directly to the independent wealth sector.

Every dossier delivers comprehensive, plain-language and fully traceable analysis covering bottom-up fundamentals, adjusted financials, scenario modelling, recovery, capital structure and covenants. This fundamental research is paired with quantitative and LLM workflows that enforce consistency and widen coverage, while ensuring that the credit judgement itself remains human-led.

The service model is deliberately direct: a conversation with the analyst, not a sales desk. Engagements are strictly scoped to the coverage required, whether that is a single dossier, ongoing surveillance of covered issuers, or independent research on a specific issuer.

As a dual Chilean-Italian citizen operating from Luxembourg, Marco offers a unique advantage for cross-border investors. He is fluent in Spanish, Italian, English, Portuguese, and French. Marco's expertise is backed by a Master's in Data Science from Alma Mater Studiorum Università di Bologna, alongside a BBA, a Master's in Economics and Public Policy, and a Master's in Financial Management from Universidad Adolfo Ibáñez in Chile.

LinkedIn profile →

Contact

Start with a direct conversation.

Share, in a few lines, the coverage needs of your practice. There is no gatekeeping, no requirement to trade or to be an existing bank client - just a direct reply with a scoped research proposal and, on request, a redacted sample dossier. Enquiries are handled as requests for research access, not as requests for investment advice.

Briefly describe the issuers or sectors you need covered. Please do not include portfolio holdings or personal financial details.

Required fields are marked with .