Irish bank CDS spreads keep rising

CDS spreads increases for Irish financials, but stabilise for eurozone peripherals

Credit default swap (CDS) spreads on state-backed Irish banks continued their rise for the third consecutive day, following the Irish government’s formal request for a bailout from the European Union and the International Monetary Fund on November 21.

CDS spreads on Anglo Irish Bank’s five-year senior bonds rose from 864 basis points at close of play the day after the request, to 933bp on November 23 and to 1,023bp by 13:30 today, according to data from financial information provider Markit