Sovereign CDSs up for UK and US

In early European trading today, five-year senior CDS spreads referencing UK government debt reached 100 basis points in one of the largest 24-hour jumps on record, up from 88.2bp yesterday, according to credit information specialists CMA Datavision. Additionally, the five-year cumulative probability of default on the UK rose from 7.4% to 8.3%.

However, UK financials experienced varied market sentiment this morning. CDSs referencing HBOS rose to 118.9bp at 10:00am today from 116.3bp at close yest

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