Front Notes: Buyer beware

Jan 1, 2013

A new year, a new hope. As markets returned from their Christmas slumber, the world looked a very different place from just twelve months earlier.

Long gone were the fears of last January, when Europe’s debt woes still threatened to blow a hole in global financial markets. The euro has remained intact, with Greece still in the club. That other perennial fear – of a Chinese economic hard landing – looks, for now, overdone. And for all the talk of a US fiscal cliff, in the end no one fell off it.

Emerging capital markets are already reaping the rewards of improving global sentiment. Perhaps nothing better exemplified the mood in Latin America’s markets at the start of the year than Mexico’s opening of its 2044 benchmark bond. Kicking...

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