Credit Markets Update: Repsol spreads widen due to Argentina concerns

Today five-year credit default swaps on Repsol traded at 430-440bp mid according to credit derivatives traders in London.

The cost of protection on other key Spanish names also widened following concerns the Argentine government has failed to get a grip on its economic problems. Gas Natural, which has a large presence in Latin America, saw bids rise from 35bp yesterday to 45bp today. Endesa was 5bp wider during the week, trading today at 40bp mid, and was well bid by one market participant

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