Ugly European Sovereign CDS Rerack

Tyler Durden's picture

An ugly day all around as European sovereign CDS jump the most in three weeks...

                      5Y                        10Y             5/10's
ITALY          374/382  +15      365/385         -10/0
SPAIN         432/440  +15      426/446          -5/5
PORTUGAL    34.5/35.5 0           37.75/40.75      3.5/6.5
IRELAND      608/620  +6.5        529/599         -90/-10
GREECE        66%/76%   0        66%/79%         0%/3%
BELGIUM      225/235  +7          213/233            2/14
FRANCE       174/178  +9         198/206             22/26
AUSTRIA    164/170  +9       182.5/192.5       18/23
UK               63.5/66.5 +2.5     81/87                17/21
GERMANY     74/77   +5.5        97.5/103.5        22/26

Italy, Spain, Ireland, and Belgium remain inverted - i.e. not bullish!


Note Spain is now getting back close to record wides again...

Charts: Bloomberg

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EscapeKey's picture

Not bullish?

SYNTAX ERROR invalid sequence of words

resurger's picture

GREECE        66%/76%   0        66%/79%         0%/3%


IMA5U's picture

And HYG is up 0.25% on the day



Honey Badger's picture

Ugly is in the eye of the beholder.

hedgeless_horseman's picture



Does anyone know what the sales commissions and/or brokerage spread are on these CDS trades?  I would expect them to be very rich versus the underlying, "assets."  Correct?

Irish66's picture

my favorite charts, I miss them

LawsofPhysics's picture

This is predictable as the U.S. treasuries were showing weakness.  Rates in U.S. debt will not be allowed to rise, period.  Time to get the herd running running back.

bank guy in Brussels's picture

Amazingly big spread still, between Italy - Spain - Ireland and the whopping 34.5 full points up front for default-destined Portugal ...

The new meme, I suppose, is not that 'Greece is a special case' but that, 'Greece and Portugal are our 2 special cases ... and We Really Mean It This Time!'.

carbonmutant's picture

"Peculiar Ungreen Color"...

lolmao500's picture

CDS don't mean shit in the end. INTEREST RATES DO.

ClevelandJanelle6's picture

my neighbor's aunt makes $67 hourly on the laptop. She has been fired from work for ten months but last month her check was $20142 just working on the laptop for a few hours. Here's the site to read more ....

q99x2's picture

Zenos paradox. distance between the wall decreases by half steps.

Greece looks great now. 

Sequentially drive each country into starvation and move all the infrastructure and gold to GS. Nazi's did the same thing.

They can fix Spain next.

Didn't work for the Nazis.

Nazis were crushed and then tried at Nuremberg trials.

They can fix US after EU.

Bush's and the Indonesian asset get to go to trial this time round.

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