CDSs on G-10 sovereigns hit record high

Five-year senior credit default swap (CDS) spreads referencing UK sovereign debt remained at a historical peak of 107.4 basis points at 10.00am London time. Spreads on Germany, France, Italy and Sweden also widened to unprecedented levels, climbing to 43bp, 58bp, 170.3bp and 129.2bp respectively. CDSs on the US closed last night at 58bp, up from 49.4bp the previous day.

The Markit iTraxx Europe Crossover index of 50 mainly high-yield European companies reached an all-time high for the second day

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