After a bumpy start into the summer, caused by the temporary rise in political uncertainty, the Brazilian real has finally returned to its pre-crisis level and stabilised at around 3.15. The move came on the back of falling odds that Michel Temer would face corruption prosecutions together with the approval by Senate of a labour reform.
Interest rates moved accordingly with the 2-year swaps rates consolidating slightly above 8.5%, while on the longer-end of the curve, the 10-year yield stabilised at around 10%. Finally, even though they took their time, CDS rates returned to their pre-crisis levels with the 5-year and 10-year trading at 203bps and 320bps, respectively.
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