European CDS Rerack - 5s10s Close To Inversion For All Core Countries

Belgium is the latest entrant to the fully inverted 5s10s club. Yet what is scary is that even Austria and France have just 14 bps to go before they also invert. And most worryingly, Germany is just 4 bps behind. Keep a close eye on the 5s10s. If it inverts for everyone in Europe, including the UK and German, it is game over.

                         5Y                      10Y             5/10's                          
ITALY            536/546  +16     500.5/520.5     -40/-25                           
SPAIN            466/476  +12     434.5/454.5    -31/-16                           
PORTUGAL   1045/1085 +10     800/870       -260/-200                          
IRELAND       700/730  +10       530/600      -180/-120                          
GREECE          61/64   0              62/66            0/3
BELGIUM       332/342  +9      316.5/336.5    -18/-3                            
FRANCE         230/236  +11.5     246/256       14/18                            
AUSTRIA       213/219  +9      226.5/236.5      13/18                            
UK               91.5/94.5 +2         107/113        15/19                            
GERMANY        96/99   +2       114.5/120.5     17/21

XO   780/784 +23
MAIN 195.25/196.25 +7.5