The average Chilean spread over the last year has been near 141 bps.
Treasuries as per JPMorgan’s EMBIGD index widened to 160 basis points, still among the tightest spreads in Latin America. Markets hate uncertainty and Chile is offering years of it.” The wide margin of victory may give Boric more confidence to push a more left-wing agenda but only time will tell.
“Along with the planned re-writing of its Constitution, Chile is moving on to a new path with an unknown destination. “While Boric has taken pains to stress that his economic model will not be a radical one, it’s clear that the market-friendly policies are likely a thing of the past,” Win Thin, global head of currency strategy at Brown Brothers Harriman in New York, said in a note. The MSCI Chile stock index fell 10.45%, its largest daily drop since mid May. Lithium miner SQM fell 14% on its largest daily volume since early November. Article contentįormer student protest leader Boric pledged to raise taxes, scrap the existing private pension system and oppose mines that “destroy” the environment during his campaign again conservative rival Jose Antonio Kast, a defender of former dictator Augusto Pinochet.Ĭhile’s local stock benchmark index closed down 6.2% after falling as much as 7.45%. This advertisement has not loaded yet, but your article continues below.
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