European debt twilight zone claims Société Générale
Markets turn against French banks in general - and SG in particular - on a day short on solid news and long on rumours
Against a backdrop of rumoured impending downgrades for French debt, credit default swap (CDS) spreads on Société Générale widened dramatically today, with much of the volatility occurring in the afternoon session of London trading.
The bank's five-year CDS spread ended yesterday at 270 basis points but the intra-day ask had reached 313bp by 3.11pm UK time. Just 19 minutes later at 3.30pm the ask had shot up to 362bp, according to data from Markit. Between the start of trading and that mid
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