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Pandemic Year Sees Uruguay Crowned Emerging-Market Bond King

  • Uruguay bonds have returned almost 15% in 2020, highest in EM
  • Nation’s Covid response, 5-year budget help bonds outperform
Winners and Losers
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Uruguay’s dollar bonds have outperformed all their emerging-market peers this year as the small nation, sandwiched between the Covid-19 hotspots of Argentina and Brazil, gives its neighbors a masterclass on how to deal with the pandemic.

Uruguay’s bonds have returned 14.8%, more than double that in China and Russia, according to the Bloomberg Barclays Emerging Markets Hard Currency Index.