EM LATAM CREDIT: Alsea: Fitch Upgrade to BB+ - positive
(ALSEA; Ba3/NR/BB+)
"Fitch Upgrades Alsea's IDR to 'BB+'; Outlook Stable" - Fitch
Mexico based diversified Latin American restaurant company Alsea was upgraded by Fitch as the rating agency cited a solid business position with geographic diversification and a stable leverage trend.
Mexico contributed 68% of EBITDAR LTM ending June 2025. The company operated 4,795 restaurants and 13 brands in 12 countries with 77% operated directly and the rest franchised.
ALSEA only has one USD issue maturing December 2026 which was last quoted T+155bp, 45bp tighter QTD and 20bp tighter YTD.
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US: FED Reverse Repo Operation
RRP usage slips to $189.632B this afternoon from $196.374B yesterday, total number of counterparties at 30. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.
GBPUSD TECHS: False Trendline Break?
- RES 4: 1.3789 High Jul 01 and the bull trigger
- RES 3: 1.3689 76.4% retracement of the Jul 1 - 16 bear leg
- RES 2: 1.3577 50.0% retracement of the Jul 1 - 16 bear leg
- RES 1: 1.3563 High Jul 23
- PRICE: 1.3560 @ 16:05 BST Jul 23
- SUP 1: 1.3365 Low Jul 16 and the short-term bear trigger
- SUP 2: 1.3335 Low May 20
- SUP 3: 1.3245 Low May 19
- SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
GBPUSD traded higher again Wednesday, extending the recovery from the Jul 16 low. The recent spell of weakness resulted in a break of trendline support drawn from the Jan 13 low. The breach is a bearish development, however, the latest bounce also highlights a possible false break. Note that M/T signals still highlight an uptrend. The next resistance to watch is 1.3577, a Fibonacci retracement. The bear trigger is 1.3365, Jul 16 low. A break would resume a bear theme.
SOFR OPTIONS: Large Sep'25 SOFR Call Condor Buy
- +20,000 SFRU5 95.75/95.81/95.93/96.00 call condors 2.12-2.25
- +3,000 0QZ5 97.25/97.75/98.00 1x3x2 call flys 4.0 ref 96.825
- +14,000 SFRZ5 95.75/95.87/96.25/96.37 put condors 5.75-6.0 earlier
