Ukraine crisis spurs 93 percent surge in first-quarter emerging market CDS trade | Reuters:
"Emerging market credit default swap trading volumes surged 93 percent in the first quarter as investors scrambled to protect fixed-income portfolios because of the crisis unfolding between Ukraine and Russia.
Data released on Wednesday from EMTA, the emerging market debt trading and investment industry trade association, showed $409 billion in volume during the first quarter versus $212 billion logged in the same period a year ago.
Compared to the fourth quarter of last year, CDS volumes rose 48 percent.
"The healthy rise of CDS volumes came on the back of an increase seen for market volatility. Excluding China's new entry, it is notable that half of the nominal volume increase among sovereign contracts was due to Russian trades," David Spegel, global head of emerging market credit research at BNP Paribas in London said in the EMTA statement."
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