Ireland Credit Default Swap Hits Record (586bps), Portugal In Play, Greece Has Highest Default Probability, U.S. 5yr CDS Widens

Sovereign Credit Update: The cost of 5-year insurance on Ireland Government bonds hit a new record of 586 basis points (5.86% to protect $10 million annually). 586.85bps was the 5-year mid spread. Portugal CDS rose 4.51% to 441.29bps and, although demonstrably lower than EU CDS spreads, U.S. 5-year CDS were up 6.18% at 41.79bps. Greece was at the top of CMA's sovereign "Highest Default Probability" list at 52.39% with a 857.84bps mid spread (8.57%). Ireland was in third place at 40.08% and Portugal sixth place at 32%. See table snapshots and articles below > >

Ireland 5-year credit default swap makes new high -

Ireland Faces ‘Messy’ Month on Budget, Goldman Says - BusinessWeek
Ireland to slash euro6B from 2011 deficit, cut growth - BusinessWeek
Irish, Portuguese CDS rises on budget vote fears - Reuters
Speculators betting on our default will lose -- Bruton - Irish Independent
3rd UPDATE: Ireland CDS, 10Y Bund Spreads Hit Fresh Record - WSJ
UPDATE 2-Portugal rules out aid from abroad as yields - Reuters