EM CDS Flow Balloons in Q1

EM CDS Flow Balloons in Q1

Trading in EM CDS was $487bn in Q1, up 103% versus the $239bn done in Q1 2009, according to EMTA. Volume was up 40% compared to Q4 2009 volume of $349bn. EM CDS flow is growing more rapidly than EM hard currency eurobonds, according to Jane Brauer, senior quantitative strategist at BofA Merrill Lynch. “Trading volume of EM CDS in the first quarter surpassed that of EM hard currency bonds,” says Brauer, adding that this boosts ability to increase EM exposure when bonds are in short supply. “There

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