Ups and downs for eurozone CDSs

Credit default swap (CDS) spreads for eurozone sovereigns experienced a mixed day in the markets today, while Spain and Italy held successful debt auctions. Spain placed €3 billion worth of five-year bonds, but saw the funding cost for this issuance rise from 3.57% at the last auction on November 4 2010 to the current yield of 4.54%, and Italy issued €3 billion worth of five-year bonds at a yield of 3.67%, up from 3.24% at the last auction on November 12 2010.

Despite the successful auction, fiv

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