Video Transcript
Jared Lou, CFA
Portfolio Manager
Emerging Markets Debt Team
We are finishing a three-country tour of the dollarized economies in Latin America. They are Panama, El Salvador, and Ecuador. Each one of these countries is facing unique challenges.
In the case of Ecuador, there’s a very uncertain electoral outcome. However, we’re becoming more optimistic on the bonds as we think there’s too much pessimism priced into what will be a very tight election.
In the case of Panama, we’re coming away slightly more optimistic as we see more paths forward to improve fundamentals in terms of fiscal and growth.
And lastly, in El Salvador, this is arguably the most bullish sentiment we’ve seen from locals in the last 10 years or so. However, we think most of the good news is already in the price of the bonds.
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