When it comes to the stock markets of Latin America, we’re willing to bet you just focus on the big ones. Y’know, the major-city bourses where blue-chip regional stocks have traded for decades, like São Paulo’s B3 or Mexico City’s BMV.

But in ignoring the smaller economies you inevitably miss out on some of the most exciting financial news of the region. For example, since the pandemic Paraguay has rebounded to become a key market to watch—and if you don’t believe us, just ask Moody’s, which upgraded Paraguay to investment grade in 2024.

Investors have taken note of this relative haven of stability and fiscal discipline in a region where both are in short supply. In 2021, under $3B was traded on Paraguay’s national exchange, the Bolsa de Valores de Asunción (BVA), which is celebrating roughly 35 years of operations. In comparison, last year saw over $8B traded across the exchange, a growth of 17% from the previous year.

This boom can be explained by more than just good credit ratings. The country is enjoying an upswing powered also by impressive annual GDP growth of over 4%, well above most of its neighbors, as well as economic diversification beyond the traditional sectors of soy, beef, and energy.

Driven in part by a generous, 1% value-added tax incentive, Paraguay's maquila export-manufacturing program hit $1.2B in exports last year, led by auto parts, textiles, and aluminum. A planned $4B Paracel pulp mill promises to be one of the largest industrial investments in the country's history.

We’re also seeing a number of record-breaking debt securities in the BVA, increasingly issued in the local currency (guarani) rather than the more traditional US dollar. For example, there was the $34M six-year bond issued by IDB Invest in October, the highest-value bond ever issued by a multilateral institution in the country.

But even this was dwarfed by the staggering $77M raised by local telecom subsidiary Tigo in a seven-year bond with an impressive 12% interest rate. This Tigo issuance has been called a “first for a Paraguayan corporate issuer,” in large part because of its ease of access and trade for foreign investors through the use of global depositary notes (GDNs).

Breaking down Paraguay’s stock exchange

Paraguay seems poised to maintain its momentum in 2026. Last month, the BVA joined Nasdaq, the world’s second-largest stock exchange.

In what is surely the latest sign of a maturing capital market poised for the big leagues, the BVA has modernized its web platform in a bid to attract foreign investors and pension funds.

Add this sleek new online presence to Paraguay’s monetary stability and decently high fixed-income interest rates, and you’ve got the recipe for the hottest new emerging market in the Southern Cone.

The Reddit community gives us a taste of the discourse happening around Bad Bunny’s performance at the Super Bowl. From our Domingo Brief chart about his popularity. Our upvote ratio for the chart was 89.7%, so at least on Reddit people seem to be OK with him.