Exposure to eastern Europe hurts German bank CDSs

Rating agency Moody's expressed concern about western European banks' risk exposure in eastern Europe through their local subsidiaries, which presents "possible ratings implications", in research published today. Deutsche Bank and local rival Commerzbank saw their five-year senior credit default swap (CDS) spreads widen from 104.6 basis points to 112.1bp and from 73.8bp to 82.1bp, respectively as of 11am GMT, according to data from credit information specialist CMA Datavision.

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