Recurring series

Emerging Markets Bonds for All Investors

Finvaulta tracks 5 editions of Emerging Markets Bonds for All Investors from UBS, published between August 26, 2026 and September 2, 2026. Each edition is summarized on its own page.

Latest edition · September 2, 2026

Emerging markets bonds for all investors en 1665926

UBS CIO highlights positive 2Q26 earnings from Chilean state-owned copper miner Codelco, driven by higher copper prices that offset production declines. Credit metrics and leverage improved significantly, supporting a preference for Codelco's 3.15% 2030 bond in a hold-to-maturity strategy.

Codelco reported strong 2Q26 results with net revenue up 26.1% y-o-y and EBITDA jumping 77.2% y-o-y, as a 41.6% rise in benchmark copper prices overcame a 12.6% drop in output caused by mine maintenance and post-accident recovery. Total leverage declined to 3.2x from 4.0x at year-end 2025, and interest coverage reached 7.9x. Supported by a liquid balance sheet of USD 3.25bn in cash and low near-term refinancing risk, UBS reaffirms its hold-to-maturity recommendation on Codelco's 3.15% senior unsecured bond due 2030 (ISIN USP3143NBH63), yielding 5.1621% to worst.

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Key takeaways from the latest edition

1.Codelco delivered strong 2Q26 financial results as a 41.6% y-o-y surge in realized copper prices outweighed a 12.6% y-o-y decline in production volumes.
2.Credit metrics improved substantially, with net leverage falling to 3.2x as of June 2026 from 4.0x at year-end 2025 and interest coverage improving to 7.9x.
3.Refinancing risk remains low due to over USD 3.2bn in cash, trailing EBITDA running over USD 8.5bn, and demonstrated strong access to capital markets.

What this series covers

Higher prices offset lower output...
...leverage declines...
...and refinancing risk looks low
Credit ratings
Risk factors
Our bottom line
Required disclosures
UBS CIO risk views
UBS CIO valuation views
Sell recommendations
Issuer valuation views
Risk Information

Edition archive

Series at a glance

Editions tracked: 5
First edition: August 26, 2026
Latest edition: September 2, 2026

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