From the document:
Latin American markets ended the third quarter of 2014 under pressure from a stronger U.S. dollar and developments at the country level – Argentina’s legal standoff with debt holdouts, election-related volatility in Brazil, and the impact of higher oil prices on Venezuela’s oil-dependent economy – with the region’s high-spread credits driving weak performance.
Although the region’s international bond sales are on track to be the highest on record for the sixth year in a row, expectations are that net issuance for the remainder of the year may slow down. Total new bond issuance in Latin America and the Caribbean was about US$ 28 billion in the third quarter, lower than in the first (US$ 44 billion) and second (US$ 40 billion) quarters. From January to October the total amount issued reached US$ 123 billion, the same amount issued in all of 2013.