Some of Latin America's most Trump-friendly governments are still being treated by investors as risky bets, according to J.P. Morgan country-risk data, a reminder that access to Washington does not automatically translate into confidence on Wall Street.
The April 2026 ranking, reported by Bloomberg Línea from J.P. Morgan's EMBI data, placed Venezuela as the region's highest-risk market with 5,557 basis points, followed by Argentina at 556, Ecuador at 411, Bolivia at 408, and El Salvador at 318. The lowest-risk countries were Uruguay at 62, Chile at 83, Paraguay at 108, Panama at 113, and Guatemala at 118. The spread measures how much extra yield investors demand to hold a country's bonds over U.S. Treasuries, meaning higher numbers signal greater perceived risk.
