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JPMorgan On Foreign Flows

LATAM
  • JPMorgan have noted that in Brazil, NTNFs and NTNBs saw foreign inflows in August, while LTNs have seen outflows for the third straight month.
  • In Mexico, foreign flows in Mbonos remain muted; Cetes and UDIs saw instead inflows in August. Foreign ownership of Mbonos is still at multi-year lows, at 32% of the total stock.
  • August was the fourth consecutive month of foreign outflows in fixed-rate TES. UVR bonds saw instead some inflows. No more auctions until year-end could be a positive technical driver for the market. BanRep has continued buying TES, reaching COP 11tn of purchases in the last four months.
  • Foreign investors trimmed their Peruvian Soberanos positions in August, for the second month in a row. Meanwhile, foreign inflows into Chile Treasury debt picked up in July, as BCCh prepared to kick off its cutting cycle. In Mexico, Mbonos saw renewed foreign inflows in June and July.

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