HypoVereinsbank protection costs widen after poor Q3 results
Poor third-quarter results released by HypoVereinsbank on Wednesday prompted the cost of credit protection for the German banking group’s senior, five-year debt to widen 30 basis points to 140/165bp by trading mid-session today. HypoVereinsbank’s net loss of €360m was significantly higher than forecast, with a large jump in loan provisions.
Credit derivatives traders in London today said the cost of debt protection for the rest of the German banking sector was being drawn wider as sellers of protection pulled back offers.
Five-year senior protection for Commerzbank traded today at 155/195bp, up 10bp from yesterday. Protection for Dresdner Bank was 5bp wider at 75/85bp; while
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