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Snapshot - Colombian Assets Drop On Tax Bill Gridlock

LATAM
  • Mixed performances for regional currencies amid a slightly stronger Bloomberg dollar index. Colombian Peso the clear underperformer as lawmakers struggle to come to any consensus regarding the tax bill that has been presented, key in salvaging an investment grade credit rating. The peso has weakened substantially and IBR swap rates are seen between 5-10 bps higher.
  • Latest from Finance Minister Carrasquilla: "We need to be very clear that if we don't rapidly build a consensus acceptable to everyone in this debate, we're going to have some difficulties," Carrasquilla told lawmakers Tuesday, as officials seek agreement on a new text to salvage the initiative.
    • USDMXN up 0.51% at 19.9757
    • USDBRL down 0.26% at 5.4228
    • USDCLP down 0.56% at 701.6
    • USDCOP up 1.79% at 3717.9
    • Bbg Dollar Index up 0.17% at 1128.76
    • Copper Futures up 4.6 (1.04%) at 448.65
  • Colombia IBR Swaps:
    • 1-yr +9 bps at 2.18%
    • 2-yr +5 bps at 2.96%
    • 5-yr +6 bps at 4.52%
    • 10-yr +10 bps at 5.57%
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