European telco news hits default swap market

Market participants viewed the development as more favourable for Olivetti. The company’s shares rose 14%, compared with a fall in Telecom Italia shares by about 8%.

Trading in credit default swaps for Deutsche Telekom and France Telecom was also active. In trading yesterday, spreads for five-year default protection for both names widened by 8bp to around 222bp-mid, although traders said spreads retraced part of that widening in trading today.

Five-year credit protection for Nokia widened by 5bp

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