LATAM WRAP-Venezuela rallies as Brazil continues to underperform

Paul Kilby – Forbes, 9/3/2015

Brazil remained the underperformer on Thursday in an otherwise buoyant day for Latin American bond markets as oil prices recovered and investors focused on specific credit stories.

Brazilian credits remained under pressure amid speculation that Finance Minister Joaquim Levy may eventually step down following the country’s first-ever budget to forecast a primary deficit.

Petrobras 2024s were being quoted 10bp wider, albeit at a wide bid-offer spread of 620bp-635bp.

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