Eastern European sovereign CDS spreads narrow
The cost of credit protection on the sovereign debt of eastern Europe states fell in early trading today, while rising on US insurers.
Five-year senior credit default swap (CDS) spreads referencing Poland, which will receive a share of a €24.5 billion aid package from three international lenders, tightened by 19 basis points to 367.7bp at 3:00pm today, according to data from credit information specialist CMA Datavision.
CDSs on Austria and Lithuania also moved in: Austrian CDS went to 234bp from 250.3bp at New York close yesterday, and Lithuanian spreads narrowed to 798bp from 832.7bp, while spreads on Estonia moved to 695.9bp
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