Sovereign CDSs hit record highs

Five-year senior credit default swap (CDS) spreads referencing the US reached a record 75bp at 12:00am London time, out from 70bp at the close of trading on Monday. Spreads on New Zealand widened to 137.8bp from 131.6bp and CDSs on Japan moved out to 57.87bp from 55bp, according to data from credit information specialist CMA Datavision.

Japanese firms also took a big hit today; the cost of protection on steel manufacturer Kobe Steel increased to 295bp from 250bp as it warned of huge increases in

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