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Credit Lime
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Welcome to Credit Lime. In my spare time I also contribute to a financial reporting site called www.CreditLime.com which provides in-depth analysis and reporting on news and events in the financial, derivative and credit default swap marketplace. I have over a decade of experience in the... More
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  • Greek CDS hits record high 1131 bps today 0 comments
    Jun 25, 2010 1:46 PM | about stocks: GRDOW, NBG, HLCPF.PK, OTE, OCCH, CCHBF.PK

    Credit default swaps protecting the debt of Greece rose to a new record and the second day (so far) trading above the 10% level. Greek CDS had previously hit successive highs of 1127 bps yesterday and 970 bps on Wednesday according to CMA. The current 1131 bps level implies a default probability of 69% in 5 years.

    The CDS move higher may be more technical than fundamental given that Greek’s 10-year cash bond spread to German bunds is somewhere between 7.80% and 7.89% which is lower than yesterday’s 7.91%.

    The terrorist attack in Athens today does not appear to have caused too much of an impact in early trading so far.



    Disclosure: long all stocks
    Themes: Greek CDS, Greece CDS, credit default swaps, Greek CDS hits new record Stocks: GRDOW, NBG, HLCPF.PK, OTE, OCCH, CCHBF.PK
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