Is there something brewing in Euro CDS land? While equity markets remained quite during another summer day, there were some interesting movements in European sovereign CDS with notable widening in Italian and Irish 5 Yr CDS. There has been no news that would account for the unusual movements so they are worth keeping an eye on. Of course if you are country like Italy with a debt to GDP ratio of 115%, it is just a matter of time before it all comes crashing down. Ireland too is in trouble and is one failed bond auction away from ending up like Greece.
Entity Name 5 Yr Mid Change (%) Change (bps) CPD (%)
Italy 197.67 +9.66 +17.41 15.75
Ireland 303.23 +6.80 +19.30 22.80
Germany 47.34 +5.36 +2.41 4.04
Greece 847.95 +3.51 +28.79 51.00
Source: CMA Datavision
Black Swan Insights
Entity Name 5 Yr Mid Change (%) Change (bps) CPD (%)
Italy 197.67 +9.66 +17.41 15.75
Ireland 303.23 +6.80 +19.30 22.80
Germany 47.34 +5.36 +2.41 4.04
Greece 847.95 +3.51 +28.79 51.00
Source: CMA Datavision
Black Swan Insights
CD'S are not a good place to be.
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