Brazil leads as credit risk in Latam region recedes

• Brazil’s 5-yr sovereign CDS spread has tightened to its lowest level since last August
• Peru, Chile and Colombia have all seen a 35% tightening in sovereign credit spreads
• Markit iBoxx USD Emerging Markets Corporates LatAm Index has returned 7.7% this year

Credit markets reacted positively after Brazil’s congress voted in favour of impeaching