The cost of insuring European sovereign debt against default rose to record highs for France, Spain and Belgium in early trading Friday amid concerns that politicians are still a long way from resolving the euro-zone debt crisis.
Around 0800 GMT, five-year credit default swaps spreads on France, Belgium and Spain all pushed to fresh records, according to data-provider Markit.
- France's five-year CDS spread widened two basis points to 250 basis points, while Spain's five-year CDS widened 16 basis points to 495 basis points.
- Belgium's CDS widened one basis point to 395 basis points. It has now widened 69 basis points since last Friday.
- Italy saw its five-year CDS jump 30 basis points to 583 basis points, closing in on its record high 587 basis points set Nov. 15.
- Germany's CDS widened four basis points to 113 basis points. It is now just three basis points from its record high set Oct. 4.
- Portugal's widened 10 basis points to 1,110 basis points after Fitch Thursday downgraded its credit rating to junk status.
- Greece's CDS spread was one basis point wider at 63 basis points upfront, which means sellers of default protection are demanding a deposit at the inception of a trade to cover the country's deteriorating credit risk.
Source : Marketwatch
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