May 8 (Reuters) - Trading volume for emerging market credit default swaps rose to $404 billion in the first quarter of 2017, up 11 percent from the corresponding period last year and 32 percent higher than the fourth quarter of 2016, according to a survey of 13 major dealers released on Monday.
The largest CDS volumes during the quarter were those on Brazil at $51 billion, following by Turkey at $48 billion and Mexico at $40 billion.
Brazil's state-controlled oil company Petrobras and Venezuela's national oil company PDVSA had the highest of the survey's nine corporate CDS contracts, with approximately $1.7 billion each.
EMTA, the emerging markets debt trading and investment industry trade association, said emerging market CDS volume was the highest reported in three years.
EMTA collected data from 13 large international banks and broker-dealers on emerging market CDS contracts. Participants were asked to report their CDS volumes on 21 emerging market countries and nine emerging market corporate issuers. (Reporting by Dion Rabouin; Editing by Paul Simao)