Credit spreads widen as equity continues falling

Cash bonds and credit default swap spreads on European insurance companies were particularly affected due to concerns about the devaluation of their equity portfolio. Allianz bonds were 5bp to 15bp wider on the week, and five-year senior credit protection was priced today at 93/100bp. The credit has widened by more than 30bp through the last five trading sessions. Five-year senior credit protection for Munich Re was priced at 61/70bp, wider by 10bp on the week.

In European corporates, London

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