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Rates Snapshot: Swaps Curves Lower Amid Local Currency Strength

  • Latam Rates Snapshot: Swaps Curves lower across the region in line with currency gains. Notable bull steepening in the DI curve, easing some recent pressure on the front-end. Additionally, USDBRL testing support around 5.05, continuing a strong performance where the Real has strengthened a little under 3% on the week. Despite Peru being out for the second consecutive day Peruvian dollar bond yields are higher following President Castillo's initial remarks, with the 10-yr roughly 4 basis points higher, although this is mainly in line with moves in UST's.
  • Brazil DI Swaps:
    • 2-yr -13 bps at 7.55%
    • 5-yr -9 bps at 8.51%
    • 10-yr -3 bps at 9.17%
  • Mexico TIIE Swaps:
    • 2-yr -4 bps at 5.89%
    • 5-yr -3 bps at 6.41%
    • 10-yr -2 bps at 6.86%
  • Chile Camara Swaps:
    • 2-yr -1 bps at 2.53%
    • 5-yr -4 bps at 3.41%
    • 10-yr -5 bps at 4.2%
  • Colombia IBR Swaps:
    • 2-yr -2 bps at 3.75%
    • 5-yr -6 bps at 4.92%
    • 10-yr -5 bps at 5.73%

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