November 30, 2010 / 10:02 AM / 9 years ago

iTraxx Sovx Western Europe CDS index at record high

LONDON, Nov 30 (Reuters) - The iTraxx SovX index of Western European credit default swap prices rose to an all-time high above 200 basis points on Tuesday as the cost of protecting euro zone sovereign debt against default surged.

The index rose by nine basis points on the day to 206 bps, Markit said. The Markit iTraxx Senior Financials index rose seven basis points to 172 basis points as Irish banks gave back the previous day’s gains.

“Credit (is) underperforming equity by some distance this morning. Sovereign risk aversion is still at high levels, with both peripheral and core eurozone countries widening sharply,” Markit analyst Gavan Nolan said.

Reporting by Emelia Sithole-Matarise

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