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MNI: CDS Update: - The latest CDS pricing shows a....>

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MNI: CDS Update:
- The latest CDS pricing shows a broad DM-EM shift with risk perceptions towards
the former deteriorating somewhat and the latter enjoying an improvement in
sentiment.
- The Greek 5-year benchmark CDS is up 4.8bps on the day, partially reversing
the 8.8bps narrowing over the last week. The Italian counterpart has been the
underperformer on the week with the CDS 15.3bps wider.
-Emerging market sentiment has rebounded in line with the global equity rally
and resurgent oil prices. The latter in particular has spurred on a positive
re-pricing for most of the LataM region.
- Implied default probabilities are little changed, although we note a
significant 3.1pp reduction in the cumulative 5-year probability for Argentina
over the last week.

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