Contagion Spreads To Asia: CDS Update
There are those who may be surprised to find that China is not completely insulated from the latest fun in Europe, America, and all those other places where the ponzi is imploding. To those same people we suggest a casual reading of the following two articles by Bloomberg and MNI - frankly we are too lazy to summarize. As for the market: it already knows whats up. Below is the nth consecutive drift up in most Asian CDS as once again credit predicts and idiots momos react, and after losing a shitload of money, confirm.
CDS 5Y MID-MKT
ASIAIG s15 171
SOVX s5 163
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