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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