June 20, 2018 / 8:01 PM / 6 months ago

Emerging market debt trading fell 3 pct in first quarter -EMTA

NEW YORK, June 20 (Reuters) - Turnover in emerging market debt fell more than 3 percent in the first quarter of 2018 compared with the same period a year earlier, a report released on Wednesday showed.

Emerging market debt trading reached $1.280 trillion last quarter, down 3.25 percent from the $1.323 trillion reported in the first quarter of 2017, according to a report by EMTA, the trade association for the emerging markets debt trading and investment industry.

Trading was up 11.6 percent from the $1.147 trillion reported in the fourth quarter of last year.

“Going into the first quarter, while U.S. rates were rising, at the time, EM debt and other credit markets appeared to be immune to global risks affecting equity,” Jane Brauer, director and emerging markets sovereign strategist at Bank of America Merrill Lynch, said in a statement from EMTA.

“The first quarter of 2018 capped a 16-month post U.S.-election run of impressive EM performance, particularly in local markets,” Brauer said.

Local market instruments turned over $684 billion last quarter, a 5.56 percent increase from $648 billion a year earlier.

Brazilian debt instruments were the most traded last quarter both overall, with $158 billion, and in local markets, at $105 billion, EMTA said.

South Africa and Mexico were also highly traded locally and overall, according to the survey.

The survey includes debt instruments from over 90 emerging market countries as reported by 43 banks, asset managers and hedge funds, EMTA said. (Reporting by Rodrigo Campos Editing by Leslie Adler)

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