EM LATAM CREDIT: MercadoLibre: New 7-Year Fair Value

EURUSD (6th Mar) 1.1800c, bought for 0.008 in ~4.6k.

• Reoffer: 99.629 / 2.580%
• Spread set earlier at MS+22bps (guidance was MS+24 bps area)
• Size: E3.0bln (E2.5-3.5bln)
• Final books in excess of E23.5bln (ex JLM interest)
• Maturity: 11 November 2030
• Coupon: 2.50%
• Hedge ratio: 100% vs 2.20% Oct-30 Bobl (Spot ref 99.755 +33.0bp)
• ISIN: EU000A2SCAV2
• Timing: TOE 13:37GMT / 14:37CET. FTT immediately.

• Reoffer: 98.928 / 3.009%
• Spread set earlier at MS+39bps (guidance was MS+42 bps area)
• Size: E1.5bln (middle of MNI's expected E1.0-2.0bln)
• Final books in excess of E22.5bln (ex JLM interest)
• Hedge ratio: 98% vs 2.50% Feb-35 Bund (Spot ref 99.064 + 39.5bp)
• ISIN: EU000A2SCAS8
• Timing: TOE 13:38GMT / 14:38CET. FTT immediately.

• Settlement: 11 November 2025 (T+5)
• Bookrunners: BNPP / BofA (DM/B&D) / NATWEST

Retail sales growth picked up in the final week of October to 5.7% Y/Y from 5.2% prior, per the Johnson Redbook index. This kept October's sales at +5.4% Y/Y, same as the month-to-date figure estimated for the prior week albeit slightly below retailers' targeted 5.6% gain.

• The report notes that "the past week saw an increase in customer traffic and sales, primarily driven by demand for Halloween merchandise. However, the holiday may have negatively impacted shopping patterns on Friday, a key day for retailers, by diverting customers away from stores while boosting sales at those catering to Halloween shoppers."
• There will be more detail on October sales out this Thursday  with the Johnson Redbook Same-store Flash Report based on stores' reported sales for the month that are out that day. For now Johnson Redbook is targeting 6.2% Y/Y sales growth in November, noting " This month features several significant shopping promotions, including those around Election Day, Veterans Day, and Thanksgiving."
• Overall October retail data look to have been solid, between Redbook's figures and Chicago CARTS' preliminary estimate of ex-auto sales equivalent to a 4.3% Y/Y rise in ex-auto sales gains for a 2nd consecutive month (though of course we don't yet have official September data let alone October due to the federal government shutdown).