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CDS Update
The latest "Risk Off" CDS rerack on European sovereigns courtesy of CMA. Needless to say, all wider.
Entity Name 5 Yr Mid Change (%) Change (bps) CPD (%)
- Greece: irrelevant (but about 50-60 bps wider with bids seen around 1,4000)
- Sweden: 24.63 +8.38 +1.90 2.13
- Italy: 171.99 +8.16 +12.97 14.08
- Finland: 29.54 +6.46 +1.79 2.54
- Spain: 275.88 +6.18 +16.05 21.46
- Belgium: 156.97 +5.98 +8.85 12.85
- Kazakhstan: 150.42 +5.86 +8.32 10.00
- Netherlands: 31.18 +5.33 +1.58 2.68
- Germany: 40.39 +5.25 +2.02 3.49
- Sweden: 24.63 +1.90 +8.38
Also, uglyness for European banks:
Entity Name 5 Yr Mid Change bps Change %
- Banco Santander, S.A.: 232.21 9.55 4.29
- Credit Agricole SA: 144.15 8.44 6.22
- Deutsche Bank AG: 99.57 5.63 5.99
- ING Bank NV: 107.51 4.32 4.18
- UniCredit SpA: 165.35 8.76 5.59
The good news? US has tightened modestly to just over 50 bps.
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Ahhhhh!!! Wider and Wilder. Where's that guy that always posts youtube links to the "Let's Get Physical" video?
talk about sovereignty, there was an article in DN (Sweden) that CIA had been chasing "terrorists" in Sweden, without approval and contrary to all treaties...
WTF? Do I need to start getting scared on getting to FEMA list over here?
SOVX 201 +11 Fins 153 +8 Fins Sub 253 +6 (i'm not sure why subs are outperforming)
everyone still seems comfortable being long credit away from the PIGS as faith in the ECB and FED to supply stimulus, or money, or anything the market needs remains high
Morning Tyler
The Big Non Discounted Problems Gonna be...
1. Spain Hurdle 10yrs Bond over 7% -------This gonna make 40% in spanish haircut debt * so all banks dilutive effect is on track and hardly coming
http://www.bloomberg.com/apps/quote?ticker=GSPG10YR:IND
Above 7% Meltdown
Greek/German 10-year government bond yield spread looking to make a test on 1400bps; trades 1398bps last (+46bps)2. Belgium CDS rocketing - Dexia is under default - Yes DEXIA - Avoid this financial entity.
3. Credit Agricole Default yes Sarkozy...Im sorry but this Saving Bank is a farce trapped in Peripherical Bonds , like RBS and Lloyds In Irish Ones.
http://www.rankia.com/respuestas/770958/images/40697
I agree with You.
Do You have some source about the Dexia default issue?
Its impossible to repay this debt(principal + interests)
http://www.rankia.com/respuestas/770972/images/40705
http://www.lalibre.be/economie/actualite/article/602959/dexia-et-kbc-plus-fragiles.html
Ok, now I see. Thanks
Not sure that it is meaningful, but it looks like GS CDS may trader wider than MS CDS for the first time in recent memory (possibly ever)? It is already wider than MER and BAC. Not sure it is meaningful, but I find it interesting.
Ogg ,
MS has the biggest risk with BAC,C and GS (in terms of CDS )
But More dangerous is the Munibonds Risk cos Asset-Liabilities Mismatch spread is getting wider daily.
*Be careful with Regional US Banks
Oogs:
I think this move is due to "shitty deal" news flow. GS seems to have managed their VaR better than MS all the way.
yeah, I agree. but is it overreaction or are people actually getting scared that GS is being targeted?
Fuck CDS and all who sail in her.
DEFAULT
Now what do you know.... Belgium is worse off than Kazakhstan...
Must be because Kazakhstan has a much larges and efficient industrial base than Beglium...
EVERYBODY BUY MORE CHOCOLAT!!
DON'T MAKE ME FORCEFEED YOU BITCHEZ!!!!!!!
Belgium... must... brew... more... beer...
DON'T FORCE ME TO EAT YOUR CHOCOLATE! SWITZERLAND'S ONE IS BETTER!
nice ! ty !