LatAm Bonds
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The seemingly bottomless pit of liquidity held by central banks drove another $6.25bn of three year supply from the sovereign, supranational and agency sector this week. And much, much more is in the pipeline. Not only is demand for product exceptionally strong, the basis swap between dollars and euros is getting ever more beneficial for euro swappers.
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There have been mixed reactions this week to Argentina’s surprise announcement on Tuesday that it was to repay some $6.7bn of defaulted debt due to the Paris Club dating from the country’s economic crisis in 2001 and 2002.