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Swap Rates Seen Higher Amid Lack Of Domestic News Flow

LATAM
  • LatAm Rates: With Brazil markets closed and vacant domestic data calendars, local swap rates have risen and curves are marginally bear steeper, amid longer end yields in the US rising by around 2bps. TIIE curve has extended yesterday's move higher despite Peso gains of 0.45%. Focus tomorrow in Mexico will be on the mid-month CPI report where the annual headline rate is expected to pick up to 5.92% vs 5.22% prior, according to Bloomberg estimates.
  • Mexico TIIE Swaps:
    • 2-yr +3 bps at 4.94%
    • 5-yr +4 bps at 5.87%
    • 10-yr +4 bps at 6.72%
  • Chile Camara Swaps:
    • 2-yr +6 bps at 1.32%
    • 5-yr +7 bps at 2.49%
    • 10-yr +9 bps at 3.49%
  • Colombia IBR Swaps:
    • 2-yr +5 bps at 2.85%
    • 5-yr +6 bps at 4.32%
    • 10-yr +8 bps at 5.34%

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