Fitch Solutions-New York-09 November 2010: Credit default swap (CDS) for European sovereigns and financials continue to underperform, with Ireland and Portugal driving the trend, according to Fitch Solutions in its latest Risk and Performance Monitor.
Fitch Solutions-
New York
-
09 November 2010
:
Credit default swap (CDS) for European sovereigns and financials continue to
underperform, with
Ireland
and
Portugal
driving the trend, according to Fitch Solutions in its latest Risk and
Performance Monitor.
While overall market spreads tightened 3% overall, European sovereigns widened
3.7%, with
Ireland
(24%)
and
Portugal
(22%)
leading the underperformers. 'Materially wider CDS is suggesting mounting
concern over
Ireland
and
Portugal
's
fiscal stability, with CDS on
Ireland
hitting an all-time high,' said Author and Managing Director Jonathan Di
Giambattista.
The trend of widening CDS was also evident in Irish and Portuguese financial
institutions, which came out 20% and 18%, respectively. 'Markets tend to
systematically price in sovereign risk for financials, a trend that has been in
place since the onset of the credit crisis,' said Di Giambattista.
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