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Iceland's CDS spread not been lower since beginning of 2008 Featured

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Since the EFTA ruling in the Icesave case at the end of last month a lot uncertainty about the Icelandic economy has been resolved. Moody's for example revised the credit rating for Iceland to a stable outlook. The CDS spread for Iceland is at a five year low.

The Credit Default Swap (CDS) spread for the Icelandic government is down to 160 points and has not been lower since the beginning of 2008, or before the financial crisis hit Iceland.

The spread has been steadily decreasing since last summer. The CDS spread was 312 points last June and has decreased by 152 points since then.

A CDS spread of 160 points means that one has to pay 1.6% of the face value of a bond every year to insure against default. Most CDS's have a maturity of 1 to 10 years, 5 being the most common.

 

Source: Keldan.is and Visir.is

Last modified on Sunday, 10 February 2013 12:56

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