Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

FX & Rates

In this note, we point out that even as EM rate curves have broadly steepened, Russia's curve has flattened on the back of more rate hikes getting priced in the short end and the long end losing some of the risk premia that was built in anticipation of US sanctions.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we point out that even as EM rate curves have broadly steepened, Russia's curve has flattened on the back of more rate hikes getting priced in the short end and the long end losing some of the risk premia that was built in anticipation of US sanctions.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Russia’s Rate Curve Flattens Even as EM Steepens

In this note, we look at the underperformance of Brazil's long-end rates relative to the currency, which has rallied significantly of late. Instead of going long rates outright, given the risks, it is better to hedge the position with the currency in our view.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we look at the underperformance of Brazil's long-end rates relative to the currency, which has rallied significantly of late. Instead of going long rates outright, given the risks, it is better to hedge the position with the currency in our view.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Brazil Rates Lag the Currency’s Rally

In this note, we discuss the trigger behind the latest bout of steepening of Colombia's rate curve and argue that the steepening should continue in line with our trade recommendation.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we discuss the trigger behind the latest bout of steepening of Colombia's rate curve and argue that the steepening should continue in line with our trade recommendation.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Colombia’s Curve Steepens on Fiscal Concerns

In this week’s Alpha Bites, we recommend receiving Chile 10y against paying Chile 2y with a receiving bias. The long end of Chile's curve has sold off this month even as US and EM long-ends have broadly rallied in what appears to be a technical, and likely temporary, move on the back of the congressional approval of the third round of pension withdrawals. The short end, in the meanwhile, should price in more hikes as real rates are quite negative even as the country’s growth forecasts get revised higher.

In this week’s Alpha Bites, we recommend receiving Chile 10y against paying Chile 2y with a receiving bias. The long end of Chile's curve has sold off this month even as US and EM long-ends have broadly rallied in what appears to be a technical, and likely temporary, move on the back of the congressional approval of the third round of pension withdrawals. The short end, in the meanwhile, should price in more hikes as real rates are quite negative even as the country’s growth forecasts get revised higher.

Alpha Bites: Receive Chile 10y Vs Pay Chile 2y with Receiving Bias

In this note, we discuss the drivers behind the curve steepening in Chile, which has defied the curve flattening in the US. Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we discuss the drivers behind the curve steepening in Chile, which has defied the curve flattening in the US. Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Chile’s Curve Steepens Even as US Curve Flattens

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CLP 10Y (CHSWP10 CURNCY)

Rates 10y Dashboard: Russia’s Rate Curve Flattens Even as EM Steepens

Even as EM curves have broadly steepened, Russia's curve has flattened as more rate hikes got priced in the short end and the long end rallied...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Brazil Rates Lag the Currency’s Rally

Brazil's long-end rates have underperformed as the currency has rallied. Instead of going long rates outright, given the risks, it is better to...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Colombia’s Curve Steepens on Fiscal Concerns

We discuss the trigger behind the latest bout of steepening of Colombia's rate curve and argue that the steepening should continue in line with our...

Gautam Jain, PhD, CFA

Alpha Bites: Receive Chile 10y Vs Pay Chile 2y with Receiving Bias

We recommend receiving Chile 10y against paying Chile 2y as the long end of the curve has underperformed on technical grounds while the short end...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Chile’s Curve Steepens Even as US Curve Flattens

In this note, we discuss the drivers behind the curve steepening in Chile, which has defied the curve flattening in the US.

Gautam Jain, PhD, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)