Le Pen risk drives rift in CDS mart

By Ross Lancaster
23 Feb 2017

Since December, 2017 has been hyped by market participants as the year of political risk, but this was the week when talk turned to action as French election race bit Europe’s CDS market. Ross Lancaster reports.

The cost of buying French sovereign CDS with a standardised contract written in 2014 has bounced in tune with the country’s political news. Polls showing an increase in support for the right-wing and anti-euro candidate Marine LePen’s sent 2014 CDS 12bp wide of Monday levels to 68bp by ...

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