Retail sales data in the US was considerably better than expected, leading to a rally in equities, which saw a new historical close for the S&P500, following advances in Asia and Europe. On the rates side, there were no notable changes, with the short end declining marginally and the long end closing flat, with yields on the 20y and 30y at 5%. In commodities, energy rose 2% as did several metals, while agriculture closed mixed. The dollar recovered what it lost yesterday, closing at 98.75 on the DXY, while the VIX fell to 16.5.

Venezuela and PDVSA started with good demand and better flows, focusing on the middle part of both curves, which closed 0.25pts above average.

Latin American credits were mixed, seeing Pemex and Argentina's sovereign fall by up to 0.5pts; while El Salvador led the region after seeing good demand for the state-owned hydroelectric new issue (+1pt), followed by Bolivia and Ecuador which gained 0.5-0.75pts ...