Treasuries rose sharply in a marked risk-off session despite the absence of any significant news or data, with long-term yields falling by up to 8bps to their lowest level in three months. In equities, the Nasdaq fell 2% and the S&P 500 fell 1.5%, following negative sessions in Asia and Europe. Commodities also felt the volatility, with crude oil falling 3% and silver falling as much as 10%. The VIX rose to 20, its highest level in two weeks.

Venezuelan bonds have shrugged off all the global volatility and negativity, having another very favorable day today in which the papers rose 0.75 pts on average, with most remaining at their high for the year with significant volumes, trading above 33 on the PDV'24/26, which serves as the benchmark for the PDVSA curve.

Latin American credits benefited from the rally in Treasuries, although spreads ended up widening slightly as the region's main curves rose by 0.25-0.5 pts.