Sovereign CDS market sees jump in Mexico positions

US mutual funds increased their aggregate holdings of Mexico CDSs by nearly a third – to $4.2 billion from $3.3 billion – in the second quarter of 2021 as the country remained the most popular single name across corporate and sovereign entities. Pimco continued to report the biggest position but saw its market share drop as BlackRock and T Rowe Price piled in, with both managers more than tripling their exposure. Roughly two-thirds of trades involved funds selling protection on the country, in line with the general trend of selling more single-name CDSs than buying. Barclays took the other side to the largest share of positions, buying $396 million worth of funds’ sold swaps.

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