Weak equity markets continue to fuel widening in European credit spreads
Equity weakness continued to dominate the direction of European credit default swaps, pushing the cost of protection wider for volatile insurers and telecoms.
The demand for protection in the telecoms sector in Europe drove up credit protection costs on France Telecom 25bp wider yesterday to 455bp-mid. Credit default swaps on Deutsche Telekom and KPN widened by 10bp and 5bp to 305bp-mid and 245bp-mid
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