And Meanwhile Over In European CDS Land...

If there is one word you should get used to today, it is "bloodbath"

Oh and, welcome to the inverted club Belgium, with a 5s/10s now showing a negative mid spread.

                          5Y                     10Y            5/10's             
ITALY              452/458  +11   440.5/456.5    -16/-1
SPAIN             384/390  +9        368/384       -15/-1                             
PORTUGAL    1110/1140 +20     830/900      -290/-230
IRELAND        750/780  +15      600/670       -160/-100                           
GREECE           59/62   0          59.5/63.5      -0.5/2.5  
BELGIUM     306/316  +9      303/317        -6/4                              
FRANCE         191/195  +10      209/219         17/21                             
AUSTRIA       165/170  +4.5     178/188         13/18                             
UK               92.5/95.5 +2.5     107/113         14/18                             
GERMANY     96.5/99.5 +4.5     115/121         17/21