Portuguese CDS spreads widen in quiet eurozone markets

The cost of insuring against a Portuguese default rose today, with credit default swap (CDS) spreads on the sovereign widening from 505 basis points at end of trading yesterday to 519bp by 1.00pm UK time today, their highest fix since January 11, according to financial information provider Markit.

CDS spreads in the rest of the eurozone enjoyed a more stable day – in Ireland, spreads narrowed from 600bp to 599bp, in Italy they stayed flat at 181bp, and in Spain they widened by 2bp to 258bp. Belg