China’s finance ministry failed to sell all of the three-year debt offered at an auction on behalf of local governments as a cash crunch curbed demand. The ministry sold 23.9 billion yuan ($3.7 billion) of bonds at a yield of 3.93 percent on behalf of 11 provinces and municipalitie

http://www.zerohedge.com/article/ratio-insider-selling-buying-3700-1

Ben: What are your favorite picks in the region?
Heiner Skaliks: Creditcorp (NYSE: BAP) is Peru’s largest financial holding company and owns the largest commercial bank in the country. The firm also has operations in Bolivia and we are confident in its management. The company’s earnings grew 46 percent year over year in the first quarter. But there’s more room for growth because many Peruvians continue to lack access to banking services.
On the fixed-income side, we own JBS SA 10.5% due 8/4/2016 (ISIN: USP59695AC39). JBS (Brazil: JBSS3, OTC: JBSAY) became the world’s largest meat processor after it bought US-based Swift and Pilgrim’s Pride. Those acquisitions demonstrate the degree to which globalization has benefited Brazilian companies.
Staying with fixed income, we also like Financiera Independencia SA de CV 10% due 3/30/2015 (ISIN: USP4173SAB09). Financiera Independencia is one of Mexico’s largest microfinance institutions and has tremendous growth potential arising from a low penetration rate for financial services in the country.

don’t invest in Bolivia because the fixed-income rates in US dollar-terms are lower than what you can find in the US. The same is true in Ecuador and Venezuela, where there’s simply too much risk for too little reward.

nd increased its six-month price target to $330 from $300 after Netflix said it is launching in 43 countries throughout Latin America and the Caribbean this fall.