Credit Market Update: Buyers of protection pull back bids for European credits

Credit default swaps on Dutch telecom company KPN, which has just release promising second-quarter results, came in 25 basis points (bp) yesterday, trading at 275/305bp today. “We are seeing some more positive news for the telcos following the battering these credits have seen in recent months,” one London-based credit derivatives trader said. "The spreads could easily come in further if this positive market sentiment continues.”

Credit protection for Deutsche Telekom and France Telecom tigh

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