COVER STORY: Local Currency Fixed Income Goes Global

COVER STORY: Local Currency Fixed Income Goes Global

Bonds Economy & Policy Corporate & Sovereign Strategy Funds

by Ben Miller  A 2010 surge in LatAm debt issuance denominated in reais and pesos marks more than continuation of a decade-long push by borrowers to match assets and liabilities. More than ever, investors demand securities denominated in domestic currency, not just for yield, but as part of a widespread rotation out of stagnant G3 markets. Last year saw an increasing flow of global bonds from governments, banks and corporates denominated in their home currencies. This included a debut from Chile and some surprising foreign names in the format, including Anheuser-Busch InBev and Morgan Stanley in both reais and soles. Sub-Libor pricing on a Colombia sovereign global TES issue hi

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