Credit Analysis: PIGS Banks (Part 1)

credit analysis on several European/PIGS Banks and their respective sovereign.

Some highlights:

  • Inverted CDS curves in a number of PIGS (european) banks like Anglo Irish, AIB, Caixa General, BES as well as their respective sovereigns (Ireland and Portugal).
  • Some PIGS banks have cash bonds with calculated z-spreads that are tighter than their respective sovereigns like Caixa General and Portugal or Santander, BBVA and Spain.

Continues in Part 2.

Credit analysis provided by Marc Bosset

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