“Brazil’s better than expected economic growth in the first quarter of the year helped emerging market bonds bounce back on Thursday. The South American giant’s gross domestic product grew at a pace of 2.7 percent between January and March, compared to the same period of 2003, the fastest expansion since President Luiz Inacio Lula da Silva took office in January 2003. The news was welcomed by investors who went back into the market to buy Brazilian bonds. The country’s benchmark global 40 bond rose 1.250 to bid 89.813 at a yield of 12.261 percent. The rise dragged J.P. Morgan’s Emerging Market Bond Index Plus (EMBI+) up 0.33 percent in total returns. Brazil’s debt comprises almost a quarter of the index.” Reuters News, May 27, 2004.
“Philippine sovereign dollar bond prices rallied across the board on Friday after the government said the budget deficit for the first eleven months was below the target. Sovereign bond prices have tightened across the spectrum by a quarter of a point. We expect the market to consolidate between now and the year-end,” said a Manila-based trader at a foreign investment bank. Spreads on Philippine sovereign dollar bonds due 2014 tightened by five basis points to 425 bps over Treasuries.” Reuters News, December 19, 2003.
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