US funds pile into LatAm interest rate swaps

Counterparty Radar: Managers still enamoured of non-G10 pairs in Q2, with BRL volumes now up 104% year-to-date


US mutual funds reported a fresh surge in the use of interest rate swaps in their most recent regulatory filings, with explosive growth reported for Latin American currencies in particular.

In total, positions reported by the 25 largest managers hit $586 billion in the second quarter – up 7% on the previous quarter and 20% higher than the fourth quarter of 2020. Around half of the roughly $100 billion added during the first half of 2021 is in non-G10 currencies, which are growing far more

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