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Wednesday, March 22, 2023

The yield spread of dollar debt fell 4 basis points

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The Uruguay Risk Index of the Electronic Stock Market went from 0.89% to 0.85% per year during the month of February.

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The last monthly bulletin of February of the Electronic Stock Exchange of Uruguay (Bevsa) reported that the Uruguay Risk Index (IRUBEVSA) which measures the Uruguayan debt yield spread in dollars with respect to the debt of the United States (US Treasuries) fell 4 basis points in February from 0.89% per year to 0.85% per year.

In this way, the IRUBEVSA remains at low levels and resumes the downward path registered since October of last year, after a correction of 17 basic points was registered in January, starting from the 0.72% annual rate with which the period began. anus.

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The current drop interrupted the rise in January and positioned itself as the third lowest monthly closing of the historical series, far from the levels of last year. This behavior was due to larger upward movements by the UST with respect to the Uruguayan debt yield curve in dollars (cud), except for nodes at 10 and 15 years.

The reduction in the spread can be explained by an upward shift in the UST curveUnited States Treasury— in all its intertemporal structure, above the rise of all Uruguayan sovereign securities, which are reflected in the Yield index of Uruguay Global Bonds in dollars (ITBGL) which went from 458 basis points to 495 basis points in the end-to-end monthly comparison at the end of February.

This rise of 37 basis points in the ITBGL cuts the streak of 3 months of consecutive falls, of an index that is already beginning to climb up to 500 basis points. For its part, the CUD presented an increase in all the nodes in relation to the end of the month of January, where the highest increase was registered in the two-year node, which went to 4.480% at the end of the first month of the year to 5.025%. at the end of February, implying an increase of 54.6 basis points. All global bonds in dollars registered monthly declines in prices.

Monthly variation in the prices of global bonds in dollars

All the prices of the global bonds in dollars registered decreases in their prices in relation to the end of the previous month, the Global Bond 2045 was the one that fell the most with a -4.91%.

  • Global Bonus 2024 — 0%
  • Global Bond 2027 — -2.10%
  • Global Bond 2031 — -2.71%
  • Global Bond 2033 — -3.23%
  • Global Bond 2036 — -3.26%
  • Global Bond 2045 — -4.91%
  • Global Bond 2050 — -4.04%
  • Global Bond 2055 — -4.25%
  • Global Bond 2034 BIICC — -1.45%

Source: Ambito

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