The likelihood of Macri coming back and winning is so small that no-one is talking about it, we have had a lot of surprises with elections, but that would be the biggest surprise of the year for emerging markets.

Guido Chamorro

Categorized in : World

The problem is if it is not big enough you have to come back to the market. We saw that in Argentina, which did it in stages, in the case of Turkey, the jury is still out. The next couple of days are going to be quite crucial.

This year it has been the trio of what most people would know as some of the most risky bonds that has done the best, for a lot of investors it has probably been quite frustrating because not many would have had overweights on those bonds because of the risks.