Thursday, 27 October 2011

Euro Area Credit Markets – Chart Update

Today we bring our 'usual suspects' chart update in a separate post for readers interested in keeping track. Below is the customary collection of CDS prices, bond yields, basis swaps and other charts. As always, both charts and price scales are color coded. Prices are as of Wednesday's close. It remains to be seen how these markets will take the latest 'euro rescue' in coming days and weeks. There hasn't been much movement yet, but it is certainly conceivable in view of the continuing rally in 'risk assets' that CDS spreads and bond yields will come in for a while. Obviously though this is not yet certain. 

We have frequently seen stock markets ignore the message from credit markets over the past year or longer, only to 'catch up' with them when it became very obvious that things were going haywire again.


Alas, with the EU's 'bailout director' Klaus Regling going hat in hand to China, what could possibly still go wrong?

We all remember fondly how China rescued Ireland, Portugal and Greece last year…no, scratch that. Didn't work. But it will this time, promise!






5 year CDS on Portugal, Italy, Greece and Spain – click for higher resolution.





5 year CDS on France, Belgium, Ireland and Japan – click for higher resolution.





5 year CDS on Bulgaria, Croatia, Hungary and Austria – click for higher resolution.





5 year CDS on Latvia, Lithuania, Slovenia and Slovakia – click for higher resolution.





5 year CDS on Romania, Poland, Slovakia and Estonia – CDS on CEE nations have been hooking up slightly again on Wednesday – click for higher resolution.





5 year CDS on Saudi Arabia, Bahrain, Morocco and Turkey – click for higher resolution.


5 year CDS on Germany, the US and the Markit SovX index of CDS on 19 Western European sovereigns. The SovX still doesn't want to die – click for higher resolution.


Three month, one year and five year euro basis swaps – slightly better – click for higher resolution.


Click HERE to read the whole article.



by: Pater Tenebrarum


Source: http://www.acting-man.com/?p=11198#more-11198

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