Eurozone sovereign CDS blow out after Spain ratings downgrade

Gavin Whenman
01 Jun 2010

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The cost of insuring eurozone sovereign debt widened in early-morning trading today, after Spain's sovereign debt was downgraded by Fitch Ratings on May 28 and equity indexes fell around the world.

Data provided by CMA Datavision shows the cost of five-year credit default swap (CDS) protection on Spanish sovereign debt widened to 257.2 basis points at 10:45am BST, from a close of 218.8bp on May 28. CDS spreads on Greek debt blew out to 733.1bp in early morning trading, from 668.6bp on May 28.

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