EMERGING MARKET DEBT issuance, particularly in Latin America, is sizzling. From 1,000 basis point spreads three years ago when Latin borrowers were forced to approach Wall Street hat in hand, the markets have rocketed. Today, the JPMorgan EMBI’s spread to US treasuries is hovering around an all-time low of 210bp. Latin American debt issuers can now pick and chose exactly what they want to issue and how their issues will micro-engineer their forward yield curve.
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