Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

FX & Rates

In this note, we assess in which countries in EM is the carry in 10y rates high enough for the current volatility and in which countries it is not.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 assess in which countries in EM is the carry in 10y rates high enough for the current volatility and in which countries it is not.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: In Which Countries Is the Rates Carry Sufficient for the Volatility?

With the US rates curve continuing to steepen, we address what it means for EM. To summarize, we expect differentiation among EM with some curves following the US, while others not.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.

With the US rates curve continuing to steepen, we address what it means for EM. To summarize, we expect differentiation among EM with some curves following the US, while others not.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: Is the Correlation of EM with US Curve Steepening Re-Emerging?

We assess the risks to US and EM rates along with broad financial markets going into the FOMC meeting by looking at rates volatility.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.

We assess the risks to US and EM rates along with broad financial markets going into the FOMC meeting by looking at rates volatility.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: Rates Volatility Going into FOMC Meeting

In this note, we discuss the outperformance of India's long-end rates relative to its EM peers amid the global rates correction.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. The analysis, therefore, is not a forecasting tool but to be used for identifying dislocations, which we loosely define as price moves that cannot be justified by fundamentals.

In this note, we discuss the outperformance of India's long-end rates relative to its EM peers amid the global rates correction.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. The analysis, therefore, is not a forecasting tool but to be used for identifying dislocations, which we loosely define as price moves that cannot be justified by fundamentals.

Rates 10y Dashboard: India's Rates Have Outperformed in the Correction

In this week’s Alpha Bites, we recommend a 5s10s flattener in Mexico. From here, either the sell-off in global rates curtails or, if it continues, then eventually in the case of Mexico it raises outflow risks, pressuring the currency and flattening the curve with the short-end pricing in rate hikes. We recommend keeping a paying bias given that the risks are currently tilted towards the sell-off continuing.

In this week’s Alpha Bites, we recommend a 5s10s flattener in Mexico. From here, either the sell-off in global rates curtails or, if it continues, then eventually in the case of Mexico it raises outflow risks, pressuring the currency and flattening the curve with the short-end pricing in rate hikes. We recommend keeping a paying bias given that the risks are currently tilted towards the sell-off continuing.

Alpha Bites: Mexico 5s10s Flattener with Paying Bias

Mexico

MXN Monthly (vs. 28D TIIE)
A vanila interest rate swap us an agreement between two counterparties to exchange cashflows (fixed vs floating) in the same currency. This agreement is often used by counterparties to change their fixed cashflows to floating or vice versa. The payments are made during the life of the swap in the frequency that is pre-established by the counterparties.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MXN 10Y (MPSW10K CURNCY)

Rates 10y Dashboard: In Which Countries Is the Rates Carry Sufficient for the Volatility?

In this note, we assess in which countries in EM is the carry in 10y rates high enough for the current volatility and in which countries it is not.

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Is the Correlation of EM with US Curve Steepening Re-Emerging?

With the US rates curve continuing to steepen, we address what it means for EM. To summarize, we expect differentiation among EM with some curves...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Rates Volatility Going into FOMC Meeting

We assess the risks to US and EM rates along with broad financial markets going into the FOMC meeting by looking at rates volatility.

Gautam Jain, PhD, CFA

Rates 10y Dashboard: India's Rates Have Outperformed in the Correction

Attached is our daily Rates 10y Dashboard that helps identify dislocations in EM 10y rates market. In this note, we discuss the outperformance of...

Gautam Jain, PhD, CFA

Alpha Bites: Mexico 5s10s Flattener with Paying Bias

In this week’s Alpha Bites, we recommend a 5s10s flattener in Mexico but with a paying bias given the risk of a further sell-off and steepening of...

Gautam Jain, PhD, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)