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CDS Update

Tyler Durden's picture




 

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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Mon, 05/23/2011 - 08:31 | 1301424 GeneMarchbanks
GeneMarchbanks's picture

Ahhhhh!!! Wider and Wilder. Where's that guy that always posts youtube links to the "Let's Get Physical" video?  

Mon, 05/23/2011 - 08:54 | 1301491 jtaskinen
jtaskinen's picture

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?

Mon, 05/23/2011 - 08:27 | 1301426 oogs66
oogs66's picture

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

Mon, 05/23/2011 - 08:37 | 1301438 hugovanderbubble
hugovanderbubble's picture

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

Mon, 05/23/2011 - 09:15 | 1301549 Paralympic Equity
Paralympic Equity's picture

I agree with You.

Do You have some source about the Dexia default issue?

Mon, 05/23/2011 - 09:22 | 1301577 Paralympic Equity
Paralympic Equity's picture

Ok, now I see. Thanks

Mon, 05/23/2011 - 08:35 | 1301439 oogs66
oogs66's picture

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.

Mon, 05/23/2011 - 08:42 | 1301461 hugovanderbubble
hugovanderbubble's picture

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

Mon, 05/23/2011 - 09:22 | 1301570 jm
jm's picture

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.

 

Mon, 05/23/2011 - 09:42 | 1301623 oogs66
oogs66's picture

yeah, I agree.  but is it overreaction or are people actually getting scared that GS is being targeted?

Mon, 05/23/2011 - 08:35 | 1301445 THE DORK OF CORK
THE DORK OF CORK's picture

Fuck CDS and all who sail in her.

DEFAULT

Mon, 05/23/2011 - 09:39 | 1301603 Sudden Debt
Sudden Debt's picture

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!!!!!!!

 

 

 

Mon, 05/23/2011 - 10:18 | 1301725 Overflow-admin
Overflow-admin's picture

Belgium... must... brew... more... beer...

 

DON'T FORCE ME TO EAT YOUR CHOCOLATE! SWITZERLAND'S ONE IS BETTER!

Mon, 05/23/2011 - 11:35 | 1302022 LudwigVon
LudwigVon's picture

nice ! ty !

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