European Sovereign CDS Blowing Out Again

Tyler Durden's picture

And so the second leg of the "triangle of terror" (recall Bank Funding Stress discussed earlier which is getting far worse by the day), "Sovereign Stress" returns with a vengeance. In other words, two out of three components of the European crunch have deteriorated to late September levels. Expect stocks and FX to follow shortly.

                         5Y                  10Y              5/10's                         
ITALY           449/457  +16     443/457     -12.5/2.5                           
SPAIN           378/386  +8      366/382        -12/2                             
PORTUGAL  1110/1140 +55    870/940      -250/-190                         
IRELAND      770/800  +30     600/670      -180/-120                         
GREECE         59/61  -0.5        59/63         -0.5/2.5
BELGIUM      298/308  +15    295/309          -6/4                             
FRANCE       189/193  +5      208/218          18/22                           
AUSTRIA      151/157  +3   166.5/176.5       15/20                           
UK                83/86  +2.5    99.5/105.5       16/20                           
GERMANY      89/92  +2     108.5/114.5       18/22