BMI Research: Emerging Markets Monitor: Europe: CDS Chart Pack -- Risk Aversion Returning?

The article forecasts that emerging European credit spreads could once again widen considerably with the bounce in global equity benchmarks appearing to lose some momentum. A chart is presented that shows that benchmark 5-year credit default swap (CDS) spreads reached a 2009 low in early May. Among the more significant moves in local CDS markets is a near 20 percent decline in the Russian RTS equity index.