Result: Global Bond Risk Premiums are Shrinking Outside the United States 1800
2006
LTCM
1600
250
Argentina default
Basis Points
1400
9/11
1200
23-Nov
200 9-May-06
1000 800
150 Jan-06
Jul-06
600 400 200 Daily Spreads of JPMorgan's Emerging Market Bond Index (EMBI)+ Sovereign over US Benchmark Bond Yields. Data through 11/23/06.
0 1998
1999
2000
2001
2002
2003
Source: JP Morgan and Cumberland Advisors. Š Cumberland Advisors
614 Landis Avenue, Vineland, NJ 08360 800-257-7013 www.cumber.com
Chart 2
2004
2005
2006
2007