Local banks’ CDSs chase Italy’s sovereign risk higher
The credit default swap (CDS) spreads of top domestic banks more than tripled over the first 30 days of Italy’s coronavirus pandemic, as the nationwide shutdown imperilled their loan books and reignited concerns over their massive government bond holdings.
Spreads surged from February 21, when the first cluster of Covid-19 cases was identified in Northern Italy, and peaked on March 18. During that period, the price of five-year credit protection on the senior debt of six of the country’s
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