JPMorgan Scales Back Dicey Andean Credit

JPMorgan Scales Back Dicey Andean Credit

Andean

Problematic policy framework and downward trending oil may cause problems for Venezuela’s and Ecuador’s sovereign debt, JPMorgan says. The bank recommends reducing exposure to both sovereigns’ dollar-denominated bonds, cutting them to underweight from marketweight. “While current spreads are not reflective of the tremendous oil windfall that both countries have enjoyed year to date and oil prices are still some $20 per barrel above levels that would start to be problematic for external and fisca

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