• Mexico’s trade position with respect to oil has deteriorated significantly as a function of declining prices, falling production and a disadvantageous mix of high-value added refined imports versus low-value added exports.
  • Mexico’s swapping of unrefined exports for higher value refined product imports has resulted in Pemex becoming a NET IMPORTER

Brazil is Self-Immolating, Just in Time to Showcase Itself on the World Stage

Source: Sports Grid
  • The bottomless pit of bad policy perpetrated by the PT on Brazil appears to know no bounds
  • The transition from Lula to Dilma has instilled not only a sense of institutionalized corruption, but one of arrogance and entitlement
  • One of the first signs of bad policy was the administration’s crippling…
Source: IMF, The Economist

In 2015, EM growth is poised to put up its worst year in quite some time and estimates call for only a modest increase in 2016. Mexico and Peru are among the countries where we expect to see the strongest growth performance, with growth rates increasing by over 1% in…

  • The global macro backdrop has overemphasized weakness in EM and underemphasized the exceedingly lackluster growth posted by developed markets
  • Despite downward revisions, EM GDP growth will outpace DM growth by 2.0% in 2015
  • Global growth has been overly reliant on China and needs to diversify
  • 7 years after the Financial…

The emerging market fixed income asset class is composed of sovereign and corporate debt denominated in both hard and local currencies. Over the last decade, issuance trends have seen corporate hard currency debt become the largest segment of the EM fixed income market. Today, hard currency corporate bonds represent 72.9%…

Vaquero Global Investment

Vaquero Global Investment LP is a San Antonio-based investment manager focused on emerging market credit opportunities, with an emphasis on corporate finance.

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