June 12, 2019 / 2:47 PM / in a month

Emerging market CDS trade volumes hit $505 bln on Brazil, Mexico - EMTA

LONDON, June 12 (Reuters) - Trading volume for emerging market credit default swaps (CDS) in the first three months of 2019 rose by 41% quarter-on-quarter to $505 billion - the second highest level on record, according to a survey of 13 major dealers released on Wednesday.

The largest CDS volumes during the quarter were those on Brazil at $61 billion and Mexico at $49 billion, with China following at $45 billion. On the year, the total volume rose 3%.

CDS in Mexico’s national oil company Pemex accounted for the biggest volume among corporate contracts at $2.5 billion.

EMTA, the emerging markets debt trading and investment industry trade association, said the quarterly volume was the second highest since it began collecting CDS volumes in 2009.

Participants were asked to report their CDS volumes on 21 emerging market countries and nine emerging market corporate issuers. (Reporting by Karin Strohecker; Editing by Gabrielle Tétrault-Farber)

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