During 2021, LatAm USD bond performance was driven in part by US Treasury rate moves, political noise and general election uncertainties while investors also searched for yields. We do not expect this to change much in 2022; investors will closely watch any changes in direction in the steepening/flattening trends of the US Treasury curve, as well as developments in those countries that seem to have a higher degree of political uncertainty as is the case of Colombia, Brazil and to a certain degree Peru and Chile.
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