Brazil Carnage Lures True Believers Betting Worst Is Almost Over
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The Brazil selloff that pushed the real to a 12-year low and sent bond yields to a record high is starting to lure money managers wagering that things can’t get much worse.
Investors who can stomach the volatility can pick up dollar-denominated notes that yield over two percentage points more than similarly rated Philippines bonds, while 10-year government securities in reais pay holders about 14 percent, a rate that trails only Nigeria among major emerging markets.