Rumours drive Société Générale CDS wider for second straight day
CDS spreads on SocGen continue to rise - with no obvious driving force - while share prices of the three major French banks fall
After being throttled by eurozone debt crisis fears yesterday, Société Générale (SG) has found itself in an even tighter stranglehold today - risk perceptions of the bank have risen again, and its stock continues to fall on equity markets.
Having started yesterday at 274 basis points, five-year credit default swap (CDS) spreads on SG had shot up to 334bp by the end of trading. The firm's pain has continued today. By 12.15pm UK time today, the bid price for SG CDS had jumped to 358bp, with the
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