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Pressure On Front-End Camara Swap Rates Following BCCh Minutes

CHILE
  • Following the latest minutes from the December BCCh meeting, front-end yields on the Camara swaps curve have come under particular pressure as the curve bear flattens.
  • As a reminder, board members see the monetary policy rate needing to rise by another 150-200 bps within a few months, following their 125bp hike in December.
  • Chile Camara Swaps:
    • 1-yr +19 bps at 5.91%
    • 2-yr +11 bps at 5.5%
    • 5-yr +7 bps at 5.4%
    • 10-yr +6 bps at 5.42%
    • 30-yr +6 bps at 5.81%

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