Spain soaring

Spain’s sovereign CDS and the nation’s public banks CDS are at or near new highs as investors fret about Spain’s possible downgrade to junk status. Moody’s already downgraded many Spanish banks and Spain currently sits one notch above junk at …
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Spanish bank bailout hasn’t triggered CDS (yet)

So far, market participants are saying (based on what they know so far) that the recent 100 billion euro Spanish bank “bailout” is unlikely to trigger credit default swaps linked to the country’s sovereign debt.
As summarized in IFR,…
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Weekly: Italy unseats Spain

Italy edged out Spain for most active credit default swap based on weekly volume for the week ended April 29, 2011. It was the first time Spain has not been on top in two months, though overall volumes for …

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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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Weekly: Spain tops $10 billion

Spain continued atop the weekly active CDS list and topped the $10 billion mark in weekly trading for the first time during the week ended April 8, 2011. While on a number of actual trades basis, the last week’s …

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Is Spain the most overpriced Eurozone CDS?

Reuters Insider analyst Vincenzo Albano describes why he thinks Spain is the most overpriced sovereign CDS in the Eurozone (when viewed on an asset-swap basis).

The main premise is that because Spanish asset-swap (ASW) spreads are decreasing, Spanish CDS could …

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Weekly: Dixons Retail goes on a swapping spree

Dixons Retail (the former DSG International) appeared as the 12th most active credit default swap name for the week ending April 1, 2011. The company had already seen a pickup in activity in past weeks, and that had attracted …

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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: TEPCO powers up the swap markets

Japanese nuclear energy company, Tokyo Electric Power (or TEPCO) exploded onto the most active list for the first time ever during the week ended March 18, 2011. Not surprisingly, the reason for the activity was all related to investors …

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Weekly: Clariant CDS bubbles higher

Swiss-based chemical maker, Clariant, saw a record amount of credit default swap activity for the week ended February 18, 2011. In the company’s second appearance on the active list this year (the first being February 18, 2011), a …

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