Sovereign CDSs hit all time highs

Five-year senior credit default swap (CDS) spreads referencing UK sovereign debt widened to 106.4 basis points at 12.00am London time, up from 99.4bp at the close of trading yesterday. The cost of credit protection on Germany, France, Italy, Sweden and Ireland reached all time highs of 40.3bp, 56.8bp, 161.5bp, 124.4bp and 213.4bp respectively.

The Markit iTraxx Europe Crossover index of 50 mainly high-yield European companies also reached unprecedented levels; it hit 936.62 at the close of

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