Editor’s Letter 2025 Q4

Itโ€™s been a turbulent year in global markets โ€” one of policy shocks, political theater and unexpected turns. Yet amid the noise, one story has quietly gathered strength: the dollarโ€™s retreat. U.S. trade tariffs and the uncertainty surrounding them have helped set the stage for a weaker greenback, opening a new chapter for emerging markets.

COVER STORY

LatAm Markets: Taking flight

A softening dollar is breathing new life into Latin Americaโ€™s asset markets, drawing investors hungry for yield โ€“ despite warnings the greenbackโ€™s current weakness may prove short-lived.

AWARDS

Central Bank Governor of the Year: Santiago Bausili

In his second year at the helm, Argentinaโ€™s top monetary policymaker has been credited with stabilizing the central bankโ€™s finances, reining in inflation and guiding a fragile transition toward a freer currency regime.

Excellence in Public Finance: Carlos Fernรกndez

After achieving investment grade and selling its first guarani-denominated bonds, Paraguay is building on these successes to boost investment, productivity and trade โ€” and, as importantly, to translate these advances into better livelihoods at home, says the countryโ€™s economy minister.

FEATURES

Mexico Nearshoring: After the Boom

Mexicoโ€™s nearshoring bonanza supercharged investment in recent years. Now, rising US tariffs are testing whether that momentum can outlast politics and turn into something more durable.

Green Finance: Cutting a New Deal

Despite a growing anti-ESG backlash, clean-energy projects in Latin America continue to attract capital โ€” but only when they can promise strong, hard-currency returns.

Adaptation Finance: The Amazon Gambit

Sustainable debt markets have lost momentum just as Latin America needs them most. As climate disasters multiply and adaptation costs surge, the region is testing new ideasโ€”from national taxonomies to โ€œAmazon bondsโ€โ€” to get finance flowing again.