CDS sulla Germania ai massimi

[Birbun]

German CDS debt spreads hit record as economy crumbles
The cost of bankruptcy protection on German debt has reached an all-time high on spill-over from the financial crisis in Eastern Europe and mounting concerns about the stability of Germany's banking system.
http://www.telegraph.co.uk/finance/e...-crumbles.html


Interessante...

[scirè]

Sono gli inglesi che guardano la pagliuzza per non vedere la trave ....

[KaiserTrade]

Tutti i CDS sono saliti, quelli della Germania sono tutt'ora i più bassi del G7. Dati di ieri:

http://www.markit.com/information/ne...ntary/cds.html

[dottoraus]

Avevo postato giusto ieri la tabella.

[fever7]

Originalmente inviato da KaiserTrade

Tutti i CDS sono saliti, quelli della Germania sono tutt'ora i più bassi del G7. Dati di ieri:

http://www.markit.com/information/ne...ntary/cds.html

mmm...pure l'austria se la passa mica tanto bene...

[fever7]

sapete il valore della svizzera? sono curioso

[Andrea4891]

Originalmente inviato da fever7

sapete il valore della svizzera? sono curioso

non ha debito pubblico ... solo credito

[Future trader]

Originalmente inviato da fever7

mmm...pure l'austria se la passa mica tanto bene...

infatti l'austria paga più dell'italia, pur avendo rating aaa

[KaiserTrade]

Originalmente inviato da Future trader

infatti l'austria paga più dell'italia, pur avendo rating aaa

I CDS sono più alti, lo spread sul bund è più basso. La ragione forse sta nella volatilità maggiore dei primi, anche se comunque è una situazione anomala, potrebbero essere possibili arbitraggi.

http://www.bloomberg.com/apps/news?p...FTo&refer=bond

European Bond Spreads Widen on Bank Downgrade Concern (Update2)
Email | Print | A A A

By Gavin Finch

Feb. 17 (Bloomberg) -- European bond spreads widened to the most in at least 10 years after Moody’s Investors Service said it may downgrade some banks with units in Eastern Europe.

The difference between what Germany and Austria pay to borrow for 10 years widened to a record, while the gap between Greek and German 10-year yields increased to the most in a decade. Lenders from Austria, Italy, France, Belgium, Germany and Sweden account for 84 percent of western European bank loans in eastern Europe, Moody’s said.

East European banks, which are mainly subsidiaries of financial institutions such as Austria’s Raiffeisen Zentralbank Oesterreich AG, Italy’s UniCredit SpA and Paris-based Societe Generale SA are likely to come under “downward pressure,” which may also weaken their parent companies, Moody’s said in a report today in London.

“These spreads levels are being determined by issuer quality and default risk,” said Marius Daheim, a senior fixed- income strategist in Munich at Bayerische Landesbank. “Spread levels are returning to euro-entry levels, which possibly signifies how little these countries have moved toward convergence. The fear of default is overblown though.”

The difference in yield, or spread, between the 10-year German bund, Europe’s benchmark government security, and the equivalent Austrian security was 136 basis points by 1 p.m. in London, from 120 basis points yesterday and 88 basis points a week ago. The average in the past 10 years is 15 basis points.

Forced Bailouts

The cost of protecting Austrian government debt from default soared 40 basis points to a record 226 today on concern the country will have to bail out banks as they report losses and writedowns linked to eastern European investments, according to CMA Datavision. Credit-default swaps linked to Irish, Greek and Italian government debt also rose to record highs.

The difference in yield between 10-year Italian and German bunds widened to as much as 163 basis points, from 155 basis points yesterday and 119 basis points a week ago.

Euro-region governments may be forced to bail out members of the 16-country bloc that face problems refinancing their debt, German Finance Minister Peer Steinbrueck said.

“Some countries are slowly getting into difficulties with their payments,” he said late yesterday in a speech in Dusseldorf. “The euro-region treaties don’t foresee any help for insolvent countries, but in reality the other states would have to rescue those running into difficulty.”

While declining to identify countries facing problems, the German finance chief said Ireland, which has a widening budget deficit, is in a “very difficult situation.” Ireland’s debt- rating outlook was cut by Moody’s Jan. 30.

The yield difference between 10-year Irish and German bonds widened to 255 basis points today, from 248 basis points yesterday. The spread rose to a record of 273 basis points on Jan. 22. Credit-default swaps Irish government debt soared to a record.

-- With reporting by Zoe Schneeweiss in Vienna and Niklas Magnusson in Stockholm. Editors: David Clarke, Peter Branton.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net
Last Updated: February 17, 2009 12:23 EST

[Future trader]

Originalmente inviato da KaiserTrade

I CDS sono più alti, lo spread sul bund è più basso.

l'anomalia sta nello spread col bund più basso, essenzialmente per motivi psicologici, a mio avviso...

Infatti i cds riportano fedelmente il rischio default del debito austriaco, ben più a rischio di quello italiano.......