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Camara Swaps Curve Re-Steepens Following Dovish BCCh

  • Chilean swap rates have fallen following the split decision by the BCCh to hold rates on Monday. A relief rally at the front-end is seeing the Camara curve steepen from its inverted state. Two-year swap rates are seen 18bps lower as of typing.
  • Chile Camara Swaps snapshot:
    • 1-yr -16 bps at 8.73%
    • 2-yr -18 bps at 6.61%
    • 5-yr -5 bps at 5.21%
    • 10-yr -3 bps at 5.01%
  • Additionally, the Chilean peso has come under moderate pressure at the open with USDCLP rising 0.3% to 798.

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