CDS Traders Refuse To Shift Focus Away From UK And France
Submitted by Tyler Durden on 05/19/2010 16:30 -0500
For the 4th week in a row, the UK is a top derisking name not just in sovereigns but in all DTCC tracked names. With $385 million in net notional derisking, in 227 contracts, the UK was the top 2 derisking name, with the surprising appearance of Brazil in the top spot at $460 million. Far less surprising was the 3rd name on the list: France continues to be in the top 5 derisking names week after week. Other notable names that complete the top 10 deriskers: Argentina, Germany, Australia, Korea and Japan. And the proof that corporates are now secondary to gambling in sovereigns, the top corporate derisking name, Enel SPA came in at a mere 191 million in notional, a ways away from the top three, all consisting of sovereigns. The same is true on the rerisking side, where of all 1000 names, the top 5 reriskers were all sovereigns (Italy, Spain, Portugal, Greece and Austria).
Top deriskers:
For the 4th week in a row, the UK is a top derisking name not just in sovereigns but in all DTCC tracked names. With $385 million in net notional derisking, in 227 contracts, the UK was the top 2 derisking name, with the surprising appearance of Brazil in the top spot at $460 million. Far less surprising was the 3rd name on the list: France continues to be in the top 5 derisking names week after week. Other notable names that complete the top 10 deriskers: Argentina, Germany, Australia, Korea and Japan. And the proof that corporates are now secondary to gambling in sovereigns, the top corporate derisking name, Enel SPA came in at a mere 191 million in notional, a ways away from the top three, all consisting of sovereigns. The same is true on the rerisking side, where of all 1000 names, the top 5 reriskers were all sovereigns (Italy, Spain, Portugal, Greece and Austria).
Top deriskers:
(TO ENLARGE CLICK ON : http://www.zerohedge.com/sites/default/files/images/user5/imageroot/summers/May%2019%20Deriskers_0.jpg)
Top reriskers:
(TO ENLARGE CLICK ON : http://www.zerohedge.com/sites/default/files/images/user5/imageroot/summers/May%2019%20Reriskers_0.jpg)
All sovereign names:
(TO ENLARGE CLICK ON : http://www.zerohedge.com/sites/default/files/images/user5/imageroot/summers/Total%20Sovereign%)
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