CDS spreads rise for eurozone sovereigns and Irish financials

Today saw the continuation of the upward trend in debt protection costs across eurozone peripheral sovereigns and Irish financials. Five-year credit default swaps (CDS) on Irish banks continued to trade up front, with spreads on Bank of Ireland hitting their second all-time high in two days, moving from 14.5% to 17.5% between 1300 yesterday and 1300 today, according to information from financial data provider Markit. In the same period, protection costs against Allied Irish debt also rose to a n