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Note On Local Yields

CHILE

Local yields have risen today following a surprise beat in CPI readings. Despite a flurry of economists reinforcing their views that policy will remain unchanged for the near-term, the shift higher in the camara curve has been picking up steam.


  • The 1-year peso/camara swap yield rose 6bps to 0.56%, its biggest increase since Sep. 6. A similar move in the 2 year contract saw the swap rate rise to the highest level since April 2020, rising above 0.9%. This represents a near 25 basis point rise since January 31st.
  • Deutsche Bank noted Jan. CPI does not reflect permanent shocks or pressures on the demand side, therefore unlikely to change the Central Bank's stance.
  • Santander added higher CPI due to liquidity shocks; wide capacity gaps to predominate once this effect disappears.
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