Big bank CDS moves blamed on Italy, rather than stress tests
Eight banks fail EBA stress tests – but big CDS spread moves for European banks are seen as Italy-related
Twenty-five European banks saw credit default swap (CDS) spreads widen by double-digit amounts this week - largely the result of growing fears about Italian sovereign risk, according to analysts, rather than apprehension about the publication of bank stress test results by the European Banking Authority (EBA). The results were published at 5pm UK time today. Eight banks - five of them Spanish - failed.
Leading the pack in terms of bank spread widening was Italy's UniCredit, which hit 314 basis
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