LatAm Bonds
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The fact that three European SSAs issued bonds this week would seem to indicate that the bond market has restarted after two weeks of closure.
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Latin American bonds steadied over the week with positive news flow from a number of countries, and markets hoping for agreement on the US Tarp rescue package.
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On Monday Argentina took a step towards getting back into the markets’ good books when President Cristina Kirchner, in New York to attend the UN, announced that the Argentine government is looking at proposals to exchange half its $20bn in outstanding defaulted bonds.
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The credit crisis hit Latin America full blast this week, as investors sent emerging market bonds plummeting in a flight from risk. By the end of Wednesday the EMBI+ index had reached 427bp, a four year high.