All European CDS Now Triple-Digit Offered

Tyler Durden's picture

As expected, German CDS are soaring in the aftermath of the failed auction. And even UK CDS are now offered triple digits. What is ironic is that the UK is in far worse shape than Germany. That UK-Germany compression trade gets more attractive by the day.

                        5Y                     10Y            5/10's
ITALY            555/565  +9    517.5/537.5   -42/-27                          
SPAIN           484/494  +2    448.5/468.5    -35/-20                          
PORTUGAL  1050/1080  -20    800/870     -260/-200                        
IRELAND       700/730  -5      530/600      -180/-120                        
GREECE       61.5/64.5  0      62.5/66.5         0/3
BELGIUM       355/370  +8      342/362      -18/-3                           
FRANCE        242/248  +3      257/267        13/17                           
AUSTRIA      226/232  +4    236.5/246.5     10/15                          
UK                 97/101  +2      112/118        14/18                           
GERMANY  106.5/110.5 +6    125.5/131.5    17/21