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EU Fixed? Spanish Credit Risk Up 30% Since Greek Elections

Despite some compression today in anticipation of ECB QE (as if that was not anticipated enough in the idioctically marginal yields across European peripheral bonds), it appears Europe is 'not' fixed. With Brexit odds around 1 in 6 and Podemos' lead in Spain extending, it appears redenomination risk (as we discussed, clearly lacking in many spreads) is re-emerging. Since the Greek election, Spanish credit risk is up 30%... more than Greece!

 

 

Of course this is nothing to worry about... Draghi will just shift his buying attention to the CDS market and take care of another 'signal' from the markets...