August 1, 2018 / 8:20 PM / 3 months ago

Emerging market CDS trading value jumps in Q2 -EMTA

NEW YORK, Aug 1 (Reuters) - Trading in emerging market credit default swaps soared 79.3 percent to $468 billion in the second quarter of 2018 from $261 billion in the same quarter a year earlier, a survey released on Wednesday showed.

Trading in emerging market CDS dipped 4.1 percent from the previous quarter’s $488 billion, according to a survey from EMTA, the emerging markets debt-trading and investment industry trade association. It was, however, the second highest quarterly volume in records going back to 2009, EMTA said.

Brazilian CDS were the most traded last quarter at $53 billion, followed by those of Turkey at $41 billion and Mexico at $38 billion.

Among corporate CDS contracts, Brazil’s state-controlled energy giant Petrobras led in volume with approximately $1.8 billion.

EMTA’s survey includes trading volumes from 12 major international banks and broker-dealers on emerging market CDS contracts from 21 countries and nine corporate issuers.

Reporting by Rodrigo Campos Editing by Marguerita Choy

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