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Latin American bond markets make a remarkable recovery this year. Bankers are reminded of the haydays of ’93 and ’97. |
WHAT A DIFFERENCE a year makes. In mid-November 2002, JPMorgan’s EMBI Global was trading at a stripped spread of 774 basis points over treasuries. Brazil was at 1,737bp over, yielding more than 20% – and even that constituted a significant improvement from the low point of the electioneering season, when the markets were petrified at the prospect of Lula winning the presidential vote.
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