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Divergence Between Local Assets In Chile and Colombia

LATAM
  • Continued divergence between local assets in Chile and Colombia. The protests surrounding the tax reform continue to weigh on the Colombian Peso with USDCOP reaching a high of 3841.67 and remaining softer by 0.14% on the session. Greater pressure felt in IBR swap rates with the curve bear steeper. The opposite can be said for the Chilean Peso. USDCLP initially traded firmer to 707.65, however support for the local currency brought us closer to the 700 mark at the close, with the Camara curve marginally bull flatter.
  • USDCLP down 0.3% at 701.8
  • Chile Camara Swaps:
    • 2-yr -3 bps at 1.34%
    • 5-yr -4 bps at 2.55%
    • 10-yr -5 bps at 3.56%
  • USDCOP up 0.14% at 3824.86
  • Colombia IBR Swaps:
    • 1-yr +10 bps at 2.40%
    • 2-yr +10 bps at 3.19%
    • 5-yr +14 bps at 4.82%
    • 10-yr +16 bps at 5.87%
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