In 2024, Latin American corporate credit spreads tightened consistently despite increased volatility towards the year-end. The international bond issuance market remained resilient, despite elevated financing costs. As of early 2025, Latin American corporate and sovereign issuances have already reached approximately USD 40bn YTD. However, uncertainty remains due to the postponement of a potential 25% tariff on Mexican exports, which could significantly impact mexican sectors with high U.S. exposure, such as auto suppliers, oil & gas, industrial REITs, and metals & mining. While firms with diversified revenue streams are expected to fare better, companies heavily reliant on U.S. trade may struggle if tariffs are implemented.