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Peru and Panama outperforming Brazil in CDS markets

|Includes: BRAF, BRAQ, BRAU, BRAZ, BRF, BRFS, BRP, BRXX, BSBR, BZF, Brazilian Equity Fund, Inc. (The) (BZL), CBD, CUP, EPU, ERJ, NPUCF, OIBR
While Brazilian credit default swap prices are moderately tighter over the year-to-date, the tightening is not as strong as what has occurred in similarly rated (BBB-) Peru and Panama.

Disclosure: long all stocks