Irish Banking CDS Getting Hammered After Sovereign Debt Downgrade

Ireland’s banking sectors is getting hammered by a downgrade to the country’s sovereign debt. The rest of the market may be ignoring the move, but the close links between the Irish sovereign and its bailed out banking sector are creating worries this morning.

As you can see, this widening isn’t anything new and has been going on steadily since April.

From CMA Datavision:

Ireland Bank CDS

Here’s what the Irish cuts would look like in the U.S. >

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