On the day Fitch upgraded Greece to B-/Stable from selective default rating, some PIIGS continued to get hammered: 5 year CDS moves with implied probability of default:
Courtesy of CMA.
And per @forexlive - here's analysis of the Fitch move:
"Fitch has begun rating Greece’s new issues at B-, which is deeply into ‘junk’ territory. To put that in perspective, it’s eight notches below Ireland, which Fitch has rated at BBB+ and six notches below Portugal at BBB-. It’s also below Rwanda, Argentina and Ukraine. The current yield on the new 10-year benchmark is 19.01%."
Yep, markets have a strange 'memory'...
And per @forexlive - here's analysis of the Fitch move:
"Fitch has begun rating Greece’s new issues at B-, which is deeply into ‘junk’ territory. To put that in perspective, it’s eight notches below Ireland, which Fitch has rated at BBB+ and six notches below Portugal at BBB-. It’s also below Rwanda, Argentina and Ukraine. The current yield on the new 10-year benchmark is 19.01%."
Yep, markets have a strange 'memory'...
I am not sure that moves of 2.5 bps for Spain, 3.5 bps for Portugal and 0.3 bps for Italy counts as "hammered."
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