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- CDS markets have been mixed, although.......>

BONDS
BONDS: - CDS markets have been mixed, although relative to last week spreads are
still narrower.
- In developed markets, UK, Italy and France 5-year spreads have inched up,
while the Greek benchmark has taken another leg down. The implied default
probability for Greece is now 31.6% and down 0.3pp on the day/0.8pp on the week.
- The Japan CDS has ticked sharply higher, up 3.0bps from the previous close
(see chart below).
- Turkey and South Africa have been the big movers in EM. As we mentioned
previously, risk pricing is running counter to the move in oil and suggests in
both cases that local political/macro risk is the dominant theme in this case.

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