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Update - Chile, Colombia Swap Rates Continue Surge Higher

LATAM
  • With surges in both Colombian and Chilean CPI readings, local swap rates have extended their shift higher, with particular pressure on the front-end of curves as markets expect more aggressive central bank action.
  • Tomorrow markets will receive the latest inflation readings for both Mexico and Brazil. Brazil will also report December retail sales data.
  • Rate decisions from both Mexico and Peru are scheduled for Thursday.
  • Similar to G10 FX, moves in local currencies remain mixed and subdued, holding narrow ranges throughout Tuesday as global markets await US inflation data on Thursday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.09% at 20.6131
    • USDBRL up 0.06% at 5.2591
    • USDCLP up 0.34% at 827.64
    • USDCOP down 0.43% at 3948.21
    • WTI Crude Oil (front-month) down $2.03 (-2.22%) at $89.29
  • Chile Camara Swaps:
    • 1-yr +63 bps at 7.75%
    • 2-yr +58 bps at 6.85%
    • 5-yr +28 bps at 5.97%
  • Colombia IBR Swaps:
    • 1-yr +30 bps at 7.10%
    • 2-yr +12 bps at 7.22%
    • 5-yr +7 bps at 7.29%
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