Current Portuguese credit curve

The current credit curve for Portugal as measured by CDS. Graph from Fitch.

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Portugal CDS imply 70% default probability

Fears over a Portuguese default are driving investor concerns and leading to soaring bond yields and swap prices. The “yield on the 5-year Portuguese note spiked… hit[ting] a record for the post-euro era of 22.69%.” according to Sam Mattera.

According …

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Portugal reaches new high on default concerns

Portuguese credit default swaps reached new highs today after investors fear that it could become the next European sovereign credit to default following S&P’s downgrade to below-investment grade last week. According to Market News International,

Credit default swap contracts

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PIG swaps at record

While Greece may be getting the bulk of the attention, particularly in CDS-land, as talk of a restructuring credit event lingers on

Portugal CDS up 7 bps to 688 bps.

Ireland CDS up 11 bps to 685 bps.

Greece CDS …

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What country’s default probability rose 19% last month?

Answer: Portgual.

A probabilidade de default da República Portuguesa disparou mais de 6 pontos percentuais no último mês. Tendência de alta manteve-se hoje na abertura. {Trans: Portugal’s probability of default rose over 6 whole percentages [a 19% relative increase…see below]

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Weekly: Large trading in Portugal CDS

A record 308 credit default swap contracts spanning $5.3 billion in gross notional value protecting the sovereign debt of the Portuguese Republic traded last week. The volume was large enough to become the second most active single-name CDS for the …

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Sara Lee, European sovereign CDS tighter

Sara Lee credit default swaps, which were one of the most active single-names last week, fell in price from 285 bps to 278 bps last Friday after investors appeared to be pricing in less of a chance of the …

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Commerzbank CDS reaches new record high

It has not even been 2 weeks into the new year, and yet another bank has experienced an enormous increase in its traded credit risk.

Commerzbank has been at the center of attention the past couple weeks trading at the …

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Ukraine & Latvia see biggest fall in credit risk

Credit default swap price provider CMA recently released their 2010 Fourth-quarter sovereign CDS report.

In it they reported that Ukraine credit default swaps started the year 2010 at 1232.1 bps and fell to 509.5 bps by December 31, 2010 …

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Western European nation CDS rises past the east

Credit default swaps on western European nations (at an average of over 200 bps) has exceeded that of CDS on central and eastern European, Middle Eastern and African nations for the first time according to the WSJ.

The iTraxx SovX

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