Emerging Market CDS Volume Up 46% in 2014 (EMTA)
Posted March 26, 2023 by Comments
According to the EMTA, the emerging markets debt trading and investment industry trade association, emerging market credit default swaps (CDS) trading volume rose 46% in 2014 versus 2013, driven by economic and political disruptions related to energy in both Russia and Brazil (Note: CDS act as a kind of insurance for investors who own debt against potential default or restructuring).
Volumes for CDS totaled $1.56 trillion last year versus $1.064 trillion in 2013. Fourth-quarter 2014 trading volumes also rose 39% to $385 billion on a year-on-year basis and increased by 2% from the third quarter of last year.
A corruption scandal at Brazilian state-run oil company Petroleo Brasileiro Petrobras SA (NYSE: PBR) along with a faltering economy raised investor concerns about the country with Brazilian CDS trading volumes being the largest of any single sovereign during the fourth quarter at $68 billion.
Trading in Russian CDS during the fourth quarter also surged 112% year over year to $47 billion, but that was down 30% versus the prior quarter. Turkish and Mexican sovereign CDS trading volumes were at $36 billion each plus Mexican state-run oil company PEMEX had $2 billion in trading volume.
To read the whole report, EMTA Survey: Emerging Markets CDS Trades at US$1.560 Trillion in 2014, go to the website of the EMTA.
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