Credit Markets Update: Telecoms spreads continue widening
The cost of protection on European telecoms rose again today following the publication of a number of negative analyst reports. Traders at JP Morgan Chase in London quoted five-year credit default swaps (CDS) on France Telecom 20 basis points wider over the past two days to 340bp/360bp over Libor. Deutsche Telekom saw a similar widening on the cost of protection on its five-year debt to 230bp/250bp.
The equity on both names traded badly today, leading to further scepticism towards European telecoms in general
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