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LATAM: Swap Rates Fall Amid Deteriorating Risk Sentiment

LATAM
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  • Latam swap rates have followed core yields lower today, amid weaker than expected US consumer sentiment data and caution around imminent tariff action. DI swap rates have slightly lagged the move, with yields down 4-6bp, following IPCA-15 figures which revealed persistent core-services inflation pressures.
  • However, yields have still fallen by over 90bp over the last month around the 2Y segment, as growth pressures mean that the BCB might not have to tighten as aggressively as once thought. Finance Minister Haddad also spoke earlier, reiterating that the fiscal agenda cannot lose momentum.
  • Elsewhere, Chile camara swap rates have fallen by 7-9bp in the long-end, while Colombia OBR swaps were similarly lower. In Chile, while caution remains over potential US copper tariffs, Codelco chairman Pacheco has said that the country remains in a very favourable position, given the strength of demand for copper.
  • Meanwhile, TIIE-F swap rates have fallen 6-7bp across much of the curve, leaving 2-3Y yields more than 20bp lower over the last week, following the dovish tilt from Banxico amid growth concerns.
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  • Latam swap rates have followed core yields lower today, amid weaker than expected US consumer sentiment data and caution around imminent tariff action. DI swap rates have slightly lagged the move, with yields down 4-6bp, following IPCA-15 figures which revealed persistent core-services inflation pressures.
  • However, yields have still fallen by over 90bp over the last month around the 2Y segment, as growth pressures mean that the BCB might not have to tighten as aggressively as once thought. Finance Minister Haddad also spoke earlier, reiterating that the fiscal agenda cannot lose momentum.
  • Elsewhere, Chile camara swap rates have fallen by 7-9bp in the long-end, while Colombia OBR swaps were similarly lower. In Chile, while caution remains over potential US copper tariffs, Codelco chairman Pacheco has said that the country remains in a very favourable position, given the strength of demand for copper.
  • Meanwhile, TIIE-F swap rates have fallen 6-7bp across much of the curve, leaving 2-3Y yields more than 20bp lower over the last week, following the dovish tilt from Banxico amid growth concerns.