March 4, 2020 / 4:20 PM / a month ago

Brazil helps to CDS trade volumes to $434 billion in Q4

LONDON, March 4 (Reuters) - Trading volume for emerging market credit default swaps (CDS) rose to $434 billion in the fourth quarter of 2019, 22% above the $357 billion reported in the same period of 2018, data showed on Wednesday.

Brazil accounted for the largest proportion of trading volumes, with a total of $47 billion, while $41 billion related to Turkish volumes and $35 billion on both China and Mexico, according to a survey of 12 major dealers released by EMTA, the EM debt trading and investment industry trade association.

CDS in Mexico’s national oil company Pemex accounted for the biggest volume among corporate contracts at $4.1 billion.

For the year, emerging markets CDS trading stood at $1.79 trillion, 2% below the $1.82 trillion reported in 2018.

Reporting by Tom Arnold. Editing by Jane Merriman

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