CDS: Regional Risks Rising

Asia's sovereign spreads have started to grind higher, as reflected by a broad-based widening of the region's 5-Year credit default swap (CDS) markets. We do not view this necessarily as a sign of deteriorating creditworthiness (at least in the short term), but rather a re-pricing of global risk and the contagionary impact of concerns emanating from Greece and other eurozone members. Nevertheless,

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