Source: Bloomberg Finance L.P.
Measure Level Δ DoD
5yr UST 4.12% +13bp
10yr UST 4.51% +12bp
5s-10s UST 38.3 -1bp
WTI Crude 64.6 +1.3
Gold 3313 -40.0
Bonds (CBBT) Z-Sprd Δ DoD
ARGENT 3 1/2 07/09/41 885bp -11bp
BRAZIL 6 1/8 03/15/34 257bp -7bp
BRAZIL 7 1/8 05/13/54 357bp -5bp
COLOM 8 11/14/35 410bp +6bp
COLOM 8 3/8 11/07/54 499bp +5bp
ELSALV 7.65 06/15/35 428bp -8bp
MEX 6 7/8 05/13/37 264bp -5bp
MEX 7 3/8 05/13/55 328bp -5bp
CHILE 5.65 01/13/37 144bp -5bp
PANAMA 6.4 02/14/35 322bp -6bp
CSNABZ 5 7/8 04/08/32 573bp -28bp
MRFGBZ 3.95 01/29/31 272bp -10bp
PEMEX 7.69 01/23/50 636bp -6bp
CDEL 6.33 01/13/35 205bp -6bp
SUZANO 3 1/8 01/15/32 187bp -12bp
FX Level Δ DoD
USDBRL 5.57 -0.02
USDCLP 934.88 +4.02
USDMXN 19.1 -0.05
USDCOP 4116.44 +7.75
USDPEN 3.65 +0.02
CDS Level Δ DoD
Mexico 114 (2)
Brazil 158 (4)
Colombia 234 6
Chile 56 (2)
CDX EM 97.17 0.15
CDX EM IG 101.10 0.08
CDX EM HY 93.08 0.14
Main stories recap:
Comments
· U.S. stock indexes rallied while Treasury yields climbed 9-13 bps across the curve. The U.S. monthly labor report wasn’t as weak as feared and average hourly earnings increased more than expected.
· The EM secondary market was mixed across the globe with Asia benchmark USD bond spreads tightening up to 3bps while CEEMEA spreads moved in a +10/-10 bps range.
· LATAM spreads tightened significantly with small changes in bond prices outperforming the big sell-off in US Treasuries.
· Colombia bonds underperformed, falling more than a point, as anxiety rose ahead of a June budget plan update expected for next week and local reports that the government might propose an ‘escape clause” that would allow them to temporarily skirt the fiscal rule.
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