Author Archives: Claudia Calich

About Claudia Calich

Years in the bond markets
23
Specialist subjects
Emerging markets, Sovereign bonds
Likes
Travelling, hiking, foreign languages, asian food, latin music, yoga
Heroes
Henri (my father), Raoul Wallenberg, Gandhi

The Venezuelan cash crunch: exporting passports as a palliative?

Bond Vigilantes 23/01/2018  

Venezuela’s cash flow crisis has been well covered. The recent default on its sovereign debt and likely default on the debt issued by its state-owned company, Petroleos de Venezuela SA… Read more »

Emerging markets debt: 2017 post-mortem and 2018 outlook

Bond Vigilantes 03/01/2018  

Emerging markets debt posted strong returns in 2017, driven by the stabilisation of fundamentals, ongoing global and EM economic recovery, a small rebound in commodity prices and a geopolitical environment… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Caribbean bonds: forecasting the weather, tail risks and spreads

Bond Vigilantes 13/09/2017  

First of all, our thoughts are with those impacted by Hurricane Irma and other recent weather-related disasters. Beyond the human tragedy and economic costs, these are typically low-probability, but potentially… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Argentina’s century bond: much ado about nothing

Bond Vigilantes 23/06/2017  

Argentina’s recently issued century bond deal was unexpected in terms of timing and maturity. Century bonds in EM are rare (we think the table below is pretty exhaustive) and they… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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The Israeli Shekel: Flying under the radar

Bond Vigilantes 03/05/2017  

Though the recent US Treasury report did not name any country as a currency manipulator (see more details on this in Mario’s blog), the monitoring list centres on larger economies… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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China Renminbi: the USD $50,000 question

Bond Vigilantes 10/01/2017  

Last week, in line with expectations, China announced the renewal of the $50,000 limit of dollar purchases by individuals. What’s changed however is that the foreign exchange commission (SAFE) has… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Emerging market debt: 2016 post-mortem and 2017 outlook

Bond Vigilantes 05/01/2017  

Despite a year of high political turmoil – which of course included the UK EU referendum and the US elections – emerging market assets proved surprisingly resilient to the various… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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The US election result impact on emerging markets

Bond Vigilantes 09/11/2016  

Today’s US election result has several implications for emerging markets. At a first glance, the outcome is clearly negative, given the potential downside risks…. Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Case study: Could Trump’s brand affect bond prices?

Bond Vigilantes 16/08/2016  

Earlier this year I gave a top-down macro assessment of Trump’s potential impact on Latin American remittances, should he become President. As the race continues, I now take a bottom-up… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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