Regarding dollar denominated bonds, our suggestion is to maintain a position in those liquid and short-term, such as dollar denominated Bills, with a 4% yield and significant lower volatility than longer bonds. For more aggressive portfolios, we highlight Bonar 2024 (AY24), with a 16.7% yield, and Bonar 2020 (AO20) with a 16.8% yield, bearing in mind that high coupon payments shorten the repayment period significantly. Having an inverted sovereign yield curve, we do not see a positioning in longer bonds as attractive.
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Fixed Income Weekly