Latam Local Market Flows, Positioning and Issuance

Research evidence excerpt

Latam Local Market Flows, Positioning and Issuance

Latam Local Markets Strategy

Gisela Brant AC Santiago J Olalquiaga Calcano AC Tania Escobedo Jacob

gisela.brant@jpmchase.com santiago.olalquiagacalcano@jpmorgan.com tania.escobedojacob@jpmorgan.com

(212) 834-3947 (212) 622-2484 (212) 622-4128

J.P. Morgan Securities LLC J.P. Morgan Securities LLC J.P. Morgan Securities LLC

Latam Local Market Flows, Positioning and Issuance July 2026

Highlights: Foreign Flows into Local Currency Government Bonds Summary

Last 12m flows based on latest available data, USD billion.

* In Brazil, NTNBs saw outflows in May, while NTNFs turned from modest inflows to modest

50 Brazil Mexico Colombia Peru Chile outflows on the month. LTNs, meanwhile, saw small inflows on the month.

40 * In Mexico, Mbonos saw a small leg of foreign inflows in early June, but have been flat since.

35.5 Cetes and UDIs, meanwhile, have seen some outflows.

* In Colombia, fixed-rate TES saw inflows rebound in June after three months of outflows. UVRs

20 saw a reversal in June, with large outflows turning the YTD cumulative flows to negative.

11.0

10 11.4 * In Peru, foreign inflows continued climbing in May. In Chile, Treasury debt saw a very strong

wave of inflows in May. Foreign ownership jumped ~2%pp in a single month, and is now approaching 3.9

historical highs. 0.2

-10

* In DomRep, Hacienda bond flows ticked up in May after having been broadly flat into 2026. In

Uruguay, LRMs saw inflows in June, bringing the YTD cumulative flow above zero for the first

time this year.

Source: J.P. Morgan, Bloomberg Finance L.P. , Ministries of Finance, Central Banks

Foreign Ownership Summary Local Currency Government Bond Net Issuance Summary

Foreign ownership as % of amount outstanding of local currency government bonds in USDbn