Sovereign CDS prices in several Latin American and Caribbean countries have moved lower in the first few months of 2016, but are still running markedly higher compared to year-ago levels, data from SNL Financial shows.
Chile's CDS prices have seen among the biggest declines in the year-to-date, falling 19.47% so far. Over the past 12 months, however, CDS prices in the country are still up 22.45%.
Brazil CDS prices also have seen a notable decline in the year to date, falling 15.89% so far. Over the past year, CDS prices in Brazil are still up 78.91%.
CDS prices in Peru, Panama, Uruguay and Venezuela have also moved lower in the year-to-date period.
Among the anomalies in the year-to-date period is Costa Rica, where CDS prices have shot 20.25% higher, while Guatemala, El Salvador, Colombia and Mexico saw far less dramatic increases in their CDS prices.
The year-to-date pricing data shows the continued volatility in CDS pricing that many countries in the region have seen over the past year, with the net result being a general increase in CDS prices across the region in the last 12 months.
In Venezuela, specifically, spikes in pricing data have become far more regular — and more pronounced — in recent months.