March 1, 2018 / 10:42 PM / 3 months ago

Emerging market CDS trading falls in Q4, FY2017 -EMTA

NEW YORK, March 1 (Reuters) - Trading in emerging market credit default swaps fell to $275 billion in the last quarter of 2017 from $306 billion in the same quarter a year earlier, while the total for the year also fell, a survey released on Thursday showed.

Emerging market CDS trading totaled $1.298 trillion last year, down from $1.332 trillion in 2016, according to a survey from EMTA, the emerging markets debt trading and investment industry trade association.

Brazilian CDS were the most traded last quarter at $33 billion, followed by those of Turkey at $28 billion and Mexico at $22 billion.

The survey included nine corporate CDS contracts, with Brazil’s state-controlled energy giant Petrobras leading in volume with $1.9 billion.

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

Reporting by Rodrigo Campos Editing by Susan Thomas

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