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Greek CDS hit record; Irish, Portuguese also climb
April 21, 2011 / 10:06 AM / 7 years ago

Greek CDS hit record; Irish, Portuguese also climb

LONDON, April 21 (Reuters) - The cost of insuring Greek government debt against default hit a new high on Thursday, extending a rise rise fuelled by talk of a possible restructuring.

Greek five-year credit default swaps rose as high as 1,335 basis points, up 53 bps on the day. Irish CDS rose 20 bps to 635 bps, while Portuguese CDS were up 17 bps to 650 bps.

“Trading is confined to core markets and screens are being marked wider defensively,” said a trader, adding that there had been selling of Greek, Irish and Portuguese paper into Spain and Italy.

Portuguese two-year government bond yields rose 35 bps on the day to 11.18 percent, while five-year yields rose 21 bps to 11.41 percent.

Reporting by London bonds team; Writing by Marius Zaharia

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