Yields, CDS Spike Higher in Portugal as Greek Debt Talks Drag On
January 30, 2012
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Europe Update: Portugal Yields and CDS Spike Higher
The FT is reporting that bond yields as well as Credit Default Swaps in Portugal are rising sharply on Monday. Concern appears to be focused on the outcome of the debt swap negotiations in Greece as it relates to the potential for future bond restructuring in Portugal.
The CDS rate is currently pointing to a 71% chance of default over the next five years.
Yields on Portugal’s 10-year bonds rose to 15.54% at one point during the trading session, while 5-year debt was at 21.44%.
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