German CDS spreads level out after weak debt auction spooks markets

map of germany

Credit default swap (CDS) spreads on Germany returned to an even keel today after the poor performance of 10-year bunds during yesterday's debt auction sent a shiver through European markets.

Just €3.64 billion of bunds was sold of a planned €6 billion issuance, leaving observers fearful that the eurozone's debt crisis has infected its strongest member. In response, German CDS spreads shot up from 101 basis points on Tuesday to 109bp at close of play the following day, their biggest single-day

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