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Telecom Italia active in early CDS trading on Telefonica connection

|Includes:SCMWY, SWZCF, Telefonica S.A. (TEF), TI

The rumours have been going on for over a month now and to make things more exciting a money laundering investigation involving one of Italia’s units has added more spice and more uncertainty to the mix. Both stock prices are down for the year (in US dollar terms) but the CDS seems to indicate that there may be a little more going on that what shareholders are pricing in. Case in point is demonstrated with Telecom Italia's CDS up almost 10 bps early today. For more

Disclosure: long all stocks