The Time To Re-Re-Reban CDS Is Here As Italian Spreads Explode

Tyler Durden's picture

The first three CDS ban attempts have failed. So has the coordinated ISDA attempt to make sovereign CDS a product with absolutely no functionality. The fourth time will be the charm though. The EFSF guarantees it! On the other hand, think of the massive EPS profit that Italy will post this quarter as a result of today's CDS blow out courtesy of the DVA accounting gimmick. Surely Dick Bove will imminently upgrade it to Dodecatuple Turbo Buy.

ITALY           439/447 +38                               
SPAIN             333/341 +22                                 
PORTUGAL      950/980 +5                                 
IRELAND        675/705 +20                              
GREECE           53/56  +1                                                                                                                  
BELGIUM        265/275 +28                                   
FRANCE         172/176 +14                                
AUSTRIA       139/144 +14.5                            
UK                  81/85  +7                          
GERMANY        82/85  +7