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BofA Receive 2y Spread Into Mexico's Easing Cycle

MEXICO
  • Bank of America have said they like to receive 2y TIIE vs. SOFR (current: 524) into Mexico's easing cycle as they believe that the spread should narrow as Banxico begins to cut rates in March while the Fed pause remains until at least June.
    • “Even if the market is already to some extent pricing a decoupling, we believe that risk-reward of front-end spreads remains attractive.”
    • “In our view, spreads allow to position for Banxico's easing cycle and take advantage of a potential hawkish repricing in US rates, while also limiting the carry and roll cost versus an outright receiver.”
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