Two months ago I questioned whether the decoupling between credit spreads and economic fundamentals could continue for much longer. I felt at the time that at some stage the weakening economic data would start to drag credit spreads wider, at…
Tag Archives: sovereign exposures
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The relationship between financial and non-financial credit – decoupling?
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Posted December 14th, 2010
A renewed focus on European bank balance sheets, their sovereign exposures, fears of creditor bail ins and a general risk apathy saw subordinated financials spreads move significantly wider through November. I’ve charted the ratio of spreads, comparing the Merrill Lynch…
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Following on from Jim’s Sovereign CDS Q&A blog (see here) I came across this chart at zerohedge.com. Whilst I can’t vouch for its accuracy, the chart shows that the actual net amount of outstanding sovereign CDS contracts, relative to outstanding government debts,…
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The market in sovereign credit default swaps has sprung to life over the past year as worries about the health of nations, rather than corporates, have multiplied. Problems in Dubai in December, and Greece right now, on top of a…
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