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Rates Snapshot: Peru Bonds Erase Post-Election Crash

LATAM
  • LatAm Rates Snapshot: Most local swap rates were seen higher on Monday in line with the moves in US yields, apart from Chile where the Camara curve was seen broadly unchanged to marginally lower at the longer end. Interestingly, Peru's dollar-denominated debt due in 2031 surged to 101 cents on the dollar Monday, their highest level since Pedro Castillo unexpectedly won the first round of the nation's presidential election last month:
  • Brazil DI Swaps:
    • 2-yr +3 bps at 6.66%
    • 5-yr +7 bps at 8.44%
    • 10-yr +4 bps at 9.15%
  • Mexico TIIE Swaps:
    • 2-yr +4 bps at 4.97%
    • 5-yr +5 bps at 5.93%
    • 10-yr +6 bps at 6.76%
  • Chile Camara Swaps:
    • 2-yr +0 bps at 1.32%
    • 5-yr -1 bps at 2.50%
    • 10-yr -1 bps at 3.47%
  • Colombia IBR Swaps:
    • 2-yr +6 bps at 3.25%
    • 5-yr +7 bps at 4.79%
    • 10-yr +8 bps at 5.85%

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