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’Europe’s corroding core, a credit story
Here’s one for the corporate vs sovereign credit theme.
Barclays Capital points out on Tuesday that CDS on a number of European corporate names is now trading close to — or even better than — their domiciled countries.
CDS report: US economic data disturbs
Gavan Nolan of Markit wrote this CDS report
Tightening European credits were thin on the ground today as disturbing US economic data and disappointing earnings reports closer to home weighed on spreads.
Snap news
Breaking pre-market news on Tuesday,
- UBS appoints Robert McCann to head new US wealth management unit – statement.
- Yell extends refinancing deadline until October 28 – statement.
- Barratt Developments warns investors that UK post strike could delay requests to take up rights issue allocations – statement.
CDS report: Worries about asset quality hit Spanish banks
This CDS report was written by Markit’s Gavan Nolan
European credit markets struggled for the second consecutive session, paying little heed to rallying stick markets. The Markit iTraxx Europe index was trading around 94.7bp,
Bayer takeover of Schering probed
Germany’s financial markets watchdog Bafin has launched a formal investigation into possible insider trading before the €17bn takeover of drugmaker Schering by rival Bayer in March. A preliminary analysis of trading in Schering shares convinced the watchdog to take a closer look,