One of the more remarkable aspects of the crisis that has gripped the financial markets over the past few months is that some Latin American credits have become safe havens. At 4.68%, Brazil’s 10-year benchmark bond yield, for example, is trading well inside equivalent notes for Portugal and Greece and on a par with Spain. Don’t forget that this is an election year in Brazil, with all the uncertainty that political risk in the region brings.
It’s not just at sovereign level that the best Latin borrowers are proving their...
