Eurozone periphery sees CDS fall
Today saw a general decline in the cost of debt protection on many eurozone sovereigns, with Greece and Portugal leading the way. Five-year credit default swap (CDS) spreads on senior Greek bonds tightened from 933 basis points (bp) at close of play yesterday to 910bp at 1600 today, according to financial data provider Markit. During the same period, Portuguese CDS spreads declined from 467bp to 445bp.
Similar, if less pronounced, moves were seen in other peripherals, with debt protection costs
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