Eurozone sovereign CDS blow out after Spain ratings downgrade
Wider sovereign debt insurance costs follow Spanish ratings downgrade and falling equity prices
The cost of insuring eurozone sovereign debt widened in early-morning trading today, after Spain's sovereign debt was downgraded by Fitch Ratings on May 28 and equity indexes fell around the world.
Data provided by CMA Datavision shows the cost of five-year credit default swap (CDS) protection on Spanish sovereign debt widened to 257.2 basis points at 10:45am BST, from a close of 218.8bp on May 28. CDS spreads on Greek debt blew out to 733.1bp in early morning trading, from 668.6bp on May 28.
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