Negative rating actions prompt little movement in credit spreads

The European credit derivatives market remained listless this week, with limited movement in protection cost spreads following a string of negative credit news, traders said. The cost of credit protection for German banks, UK bank Barclays and Spain’s Santander Central Hispano failed to increase despite negative rating outlooks and downgrades, and downbeat trading statements.

An Standard & Poor's (S&P) report released today, ‘Bank Industry Risk Analysis: Germany’, said the German banking sector was still suffering systemic stress and could see a further weak performance in 2003. Credit default swap spreads for Deutsche Bank, Dresdner Bank, HVB and Commerzbank debt protection have widened since September following negative research and rating changes for the German banking sector. But there was a limited reaction to the S&P report in the credit derivatives market

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