Sovereign CDSs at record levels

Five-year senior credit default swap (CDS) spreads referencing Spain widened to a record 153.6 basis points at 11:30am London time from 142.5bp at the close of trading yesterday after its AAA sovereign credit rating was downgraded by credit rating agency Standard & Poor's.

CDSs on Portugal moved out to 147.9bp from 134bp, while the cost of credit protection on Ireland jumped to 281bp from 275bp, according to credit information specialist CMA Datavision.

CDSs on US sovereign debt, which closed at

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