01
Initial Credit Dossier
A full deep-dive on a Latin American issuer: business and industry, adjusted financials, leverage and liquidity, scenarios, recovery, capital structure and covenants - concluding in a considered narrative credit view.
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: we do not advise on investments, do not recommend securities and do not assess the suitability of any instrument for any client.
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
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.
02
Surveillance Updates
Ongoing monitoring of covered issuers with event-driven updates whenever fundamentals, structure or regional conditions shift.
03
Capital Structure & Covenant Analysis
Tranche-level risk mapping across the debt stack - seniority, collateral and documentation - describing where each instrument sits in the structure.
04
Scenario & Recovery Analysis
Base and downside modelling with valuation-anchored recovery work across multiple methodologies, presented as factual scenario output.
05
Scoped Analytical Support
Issuer screening and credit analysis on a client-specified list of Latin American issuers. The coverage scope is agreed with the client; the analysis itself is not tailored to any portfolio, objective or personal circumstance.
Approach
An evidence-led method, applied consistently.
- 01Financing purpose & capital structure - understanding why the debt exists
- 02Qualitative analysis - industry, strategy, governance, ESG and country risk
- 03Financial statement analysis - adjusted earnings, cash flow, leverage
- 04Forecasting & scenario analysis - base and downside cases
- 05Corporate valuation & recovery - multi-method TEV range
- 06Structuring & documentation review - covenants, seniority, collateral
- 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 and Argentina. Nevertheless, the scope is not limited to them. Work on any other Latin American issuer can be undertaken as client mandates require.
Region
Latin America
Market Sectors
CorporatesFinancials
Debt Ranking
Senior SecuredSenior UnsecuredSubordinatedHybrid
Quality
Investment GradeHigh Yield
Currencies
USDEUR
Sample dossier
Review the work before you engage.
A redacted sample Credit Dossier is available on request. The same structure, analytical depth and evidentiary traceability you would receive on any covered Latin American issuer.
By downloading the sample dossier, you acknowledge that you have read and accept the full legal disclaimer. Read full legal disclaimer.
About
Founder & CEO
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; the credit judgement itself remains human, and no dossier concludes with a recommendation to buy, sell or hold.
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.