A note by Ye Xie and Nathan Gill, reporters in Bloomberg News asserts that dollar bonds in Latin American countries (from Panama to Uruguay) had the best returns in emerging markets this year, a trend that may continue in 2012. Lower debt and higher foreign reserves have limited the impact of the European debt crisis. Seven of the top ten bond markets were in Latin America according to data compiled by JP Morgan Chase & Co. and Bloomberg. Jeremy Brewin, manager of US $4 million as head of emerging market debt at Aviva Investors in London considers: “Latin America, despite the global slowdown expectations next year, is an area of relative calm… It feels like a safe haven”.

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