In spite of this decade’s achievements, major progress remains to be made, which is most remarkable in our region – above all, with respect to the issuance terms (so that the shift from “hard currencies” to “domestic currencies” does not entail changing the currency risk for the rate risk) and an increased share of fixed-rate nominal issues.
While the latter’s share has grown in all emerging regions, it is still low in Latin America (less than a quarter of the total debt, with a predominance of variable-rate instruments and, to a lesser extent, indexed debt). Additionally, liquidity in secondary debt markets, while growing in the past few years, remains limited and uneven.