LBO fear trumps political jitters in CDS market

The news wires are full of headlines about Trump, trade wars and Brexit. A mercantilist US and a UK government clinging on by its fingertips are not conducive to positive market sentiment. Yet spreads appear unaffected by the political chaos, tightening rather than widening.

  • By GlobalCapital
  • 19 Jul 2018

Gavan Nolan, IHS Markit

The Markit iTraxx Europe is trading at 65bp, a 10bp rally over July. UK sovereign CDS — an infrequently traded contract — is quoted at 23bp, 8bp wider from its February level but hardly indicating distress.

The markets clearly have a sanguine view of how ...

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