High risk

CMA – the credit information specialist – organizes and structures CDS, bond quotes and valuation data. Professionals can use this service to have an idea what’s going on in their markets.
They published recently a global sovereign credit risk report. The world's riskiest sovereign debt can be found here:

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Panic is over ... for now

We have a chart of the top 20 sovereigns with the largest amount of net Credit Default Swap notional exposure. The winner is clearly Italy, followed by Spain. The green boxes show the difference between the prices of these CDS dating from 6 March and now.
Yes: tightening all over the place.
How come?
Better underlying data? A positive credit event? As far as I know things are becoming gloomier with the day.
The only reason can be a squeeze.
If one counts well, he only will find 19 names. Yes, one is missing. Just behind Belgium.
Let’s have a guess: which country could that be?

Yes: The Emerald Isle

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The New Normal

In the New Normal world the economic health of economic agents is measured by CDS-levels (credit derivatives swaps). As governments are taking up more and more corporate risks on their balance sheets, it’s important to keep track with sovereign CDS levels.
Not that much decent information is available concerning this topic. Credit Derivatives Research has launched a government risk index which aggregates the sovereign risk of the G7 nations.
Let’s strip the US of that AAA rating.

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