December’s annual meeting of EMTA was not quite as depressing as many might have expected, especially given that it was held in the middle of a New York snowstorm.
Since the previous meeting of the group, formerly known as the Emerging Markets Traders Association, Argentina had defaulted and Brazil had traded to distressed levels. A couple of years ago, these two countries alone accounted for 48% of JPMorgan’s benchmark Embi index; now, they are trading at 6,200 basis points and 1,600bp over US treasuries respectively.
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