Weak equity markets continue to fuel widening in European credit spreads

Credit protection spreads on five-year insurer debt were about 10 basis points wider yesterday for Swiss Re, Munich Re and Allianz. Five-year credit default swaps on Swiss Re stood at 90bp-mid above Libor, while those on Munich Re were 68bp-mid.

The demand for protection in the telecoms sector in Europe drove up credit protection costs on France Telecom 25bp wider yesterday to 455bp-mid. Credit default swaps on Deutsche Telekom and KPN widened by 10bp and 5bp to 305bp-mid and 245bp-mid

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