Moneda Mints LatAm Bond Fund

Chile-based Moneda Asset Management expects this week to finish raising a new fund to invest primarily in LatAm corporate bonds denominated in local currencies. “Local issuers are doing very good liability management and are increasingly migrating from USD-denominated debt to debt in local currencies,” portfolio manager Javier Montero tells LatinFinance, without disclosing how much the Moneda Latinoamerica Deuda Local fund will be worth. “Our investment thesis is based on the fact that interest rates in the region are high at absolute levels; there are attractive credit spreads in the region, and that we expect LatAm currencies to appreciate further, although this [last point] is not the principal driver,” he adds.