May 24, 2018 / 2:42 PM / a year ago

Emerging market CDS trading value jumps in Q1 -EMTA

NEW YORK, May 24 (Reuters) - Trading in emerging market credit default swaps jumped 21.1 percent to $488 billion in the first quarter of 2018 from $403 billion in the same quarter a year earlier, a survey released on Thursday showed.

Trading in emerging market CDS jumped 77.5 percent from the previous quarter’s $275 billion, 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 $51 billion, followed closely by those of China at $47 billion and Turkey at $37 billion.

Among corporate CDS contracts, Brazil’s state-controlled energy giant Petrobras lead in volume with approximately $2.7 billion.

EMTA’s survey includes trading volumes from 12 major international banks and broker-dealers on emerging market CDS contracts from 21 countries and nine corporate issuers.

Reporting by Rodrigo Campos Editing by Nick Zieminski

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