Tag Archives: Sov CDs

SOV CDS Indicative Level

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SOV CDS Indicative Levels

Country 5yr CDS/10yr CDS Change Curve Euro/USD
Austria 242/262 -5 -20/-5 8/18
Belgium 137/147 -3 -10/-2 6/12
Finland 78/88 -2 -3/0 4/9
France 83/93 -5 -4/0 5/10
Germany 80/90 -3 -4/0 5/10
Greece 240/265 unch -25/-8 9/20
Ireland 330/360 -10 -30/-10 10/22
Italy 184/194 -5 -12/-2 7/11
Netherland 122/130 unch -8/0 5/12
Norway 53/65 unch -2/2 n/a
Portugal 125/138 -4 -12/0 8/14
Spain 140/153 -2 -8/-1 8/14
Sweden 136/152 -3 -8/-1 n/a
UK 142/158 -5 -8/-2 6/12
US 85/98 -3 -4/0 3/6


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SOV CDS Indicative Level

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Starting this week off higher as equity markets sag.

Systemic risk in the eurozone remains elevated.

Wide spreads in the US, UK, Sweden, etc. show markets misunderstand the risks of governments with their own non-convertible currency and floating FX policy.

SOV CDS Indicative Levels

Country 5yr CDS/10yr CDS Change Curve Euro/USD
Austria 260/278 +5 -20/-5 8/16
Belgium 142/156 +5 -10/-2 4/11
Finland 85/95 +3 -3/0 4/9
France 91/98 +3 -4/0 4/9
Germany 88/94 +3 -4/0 5/9
Greece 260/272 unch -25/-8 8/15
Ireland 348/368 unch -30/-10 8/18
Italy 195/205 unch -12/-2 7/10
Netherland 127/134 unch -8/0 5/12
Norway 55/65 +5 -2/2 n/a
Portugal 133/143 unch -12/0 7/12
Spain 150/155 unch -8/-1 7/12
Sweden 140/155 unch -8/-1 n/a
UK 152/162 unch -8/-2 6/12
US 88/98 unch -4/0 3/6


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SOV CDS Indicative Levels

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Thanks!

Germany and France touch 100, up from 5 cents not long ago and climbing rapidly.

Ireland on the verge of going parabolic.

SOV CDS Indicative Levels

Country 5yr CDS/10yr CDS
Austria 235/260 -10/0
Belgium 143/153 -5/0
Finland 80/95 -1/+2
France 88/100 -3/0
Germany 88/100 -1/+1
Greece 240/270 -20/-8
Ireland 355/380 -60/25
Italy 184/194 -10/0
Netherlands 123/135 -5/0
Norway 50/60 -3/+2
Portugal 140/150 -10/-2
Spain 148/160 -10/-2
Sweden 136/150 -5/0
UK 150/165 -5/0
US 90/105 -3/0


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CDS SOVS

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RBS SOVEREIGN $$ CDS Indicative levels

Reference Entity 5 yr 10 yr
Germany 53/63 55/65
France 57/67 59/69
Austria 145/160 142/156
Ireland 275/310 270/308
Italy 175/195 175/195
Netherlands 110/128 110/130
Greece 285/310 280/280
Belgium 110/135 108/133
Spain 140/155 138/152
Portugal 138/152 133/150
UK 130/140 120/145

 
** Another leg of aggressive widening in SOV CDS with UK out 20bps, Ireland out 40bps, Portugal/Spain/Italy/Greece out 15/20bps! Seen small buying flows in Belgium/Austria & Italy.


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Re: Sov CDS: ny open 15Jul08

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(an email exchange)

>    On Tue, Jul 15, 2008 at 11:03 AM, Mike wrote:
>
>    Should we be looking at selling protection on USTs for 20bps?
>

makes sense

And makes even more sense for the Fed to be selling it:

  1. free money (really sort of a tax for those who want to pay it, but whatever)
  2. assists market functioning

 
 
>
>
>    Sov CDS: ny open 15Jul08
>
>    Credit 5yr 10yrket Credit 5yr 10yr
>    Austria 12.5/15.5 17.0/18.5 Ireland 27.5/30.5 37.0/39.0
>    Belgium 19.0/22.0 26.5/29.0 Italy 41.0/43.0 51.5/53.5
>    Denmark 10.0/12.5 15.0/17.5 Nether 10.5/12.5 15.0/17.0
>    Finland 10.0/12.5 15.0/17.5 Portug 38.0/40.0 48.0/50.0
>    France 11.0/13.0 15.0/17.5 Spain 38.0/40.0 47.5/49.5
>    Germany 6.0/8.0 9.75/10.75 Sweden 10.5/12.5 15.0/17.0
>    Greece 51.0/53.0 61.5/63.5 UK 14.5/17.5 21.0/24.0
>    Iceland 250/290 240/300 US 14.5/18.5 19.0/25.0
>
>


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