Monthly valuation graphs
Monthly valuation graph and rich/cheap vs macro fair value. Click through to the country page for the figure and the fair-value chart.
Chile
Chile EMBI looks rich at 95 bp vs fair 100 bp (-5 bp tight).
Mexico
Mexico EMBI is fairly priced at 213 bp (fair 219 bp).
Panama
Panama EMBI looks rich at 126 bp vs fair 153 bp (-27 bp tight).
Peru
Peru EMBI looks rich at 114 bp vs fair 121 bp (-6 bp tight).
Uruguay
Uruguay EMBI looks cheap at 77 bp vs fair 67 bp (+9 bp wide).
Brazil
Brazil EMBI looks very rich at 161 bp vs fair 199 bp (-38 bp / -2.5σ tight).
Colombia
Colombia EMBI looks rich at 217 bp vs fair 254 bp (-37 bp tight).
Costa Rica
Costa Rica EMBI looks rich at 142 bp vs fair 153 bp (-10 bp tight).
Dominican Republic
Dominican Republic EMBI is fairly priced at 181 bp (fair 188 bp).
Guatemala
Guatemala EMBI looks very rich at 127 bp vs fair 159 bp (-31 bp / -1.8σ tight).
Paraguay
Paraguay EMBI is fairly priced at 114 bp (fair 117 bp).
Argentina
Argentina EMBI looks very cheap at 624 bp vs fair 304 bp (+319 bp / 1.8σ wide).
Bolivia
Bolivia EMBI is fairly priced at 498 bp (fair 575 bp).
Ecuador
Ecuador EMBI is fairly priced at 535 bp (fair 579 bp).
El Salvador
El Salvador EMBI looks rich at 293 bp vs fair 336 bp (-43 bp tight).