Sovereign CDSs tighten on tough Irish budget

Michael Watt
08 Dec 2010

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In the early hours of yesterday evening, the Irish parliament began the first round of voting on the latest austerity budget announced by finance minister Brian Lenihan. The proposals lay out €6 billion worth of spending cuts and tax rises for 2011.

In reaction, credit default swap (CDS) spreads on five-year senior Irish debt tightened from 541 basis points at close of play yesterday to 534bp at 1:30pm London time today, according to financial information provider Markit.

During the same

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