Local Debt: Mexico Over Brazil

As As BMI had suggested on various occasions, local debt has been the name of the game in Latin America since late 2008, and should continue to outperform other assets classes well into the New Year. Indeed, two of the region's benchmark local currency bonds, Mexico's 10-Year MBono and Brazil's 10-Year NTNF Bond, have enjoyed significant yield compression of a respective 331bps (to 7.99%) and 402bps (to 13.89%) since October's highs.

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