Credit Analysis: PIGS Banks (Part 1)
A credit analysis on several European/PIGS Banks and their respective sovereign.
- 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