Let’s compare credits

With sovereign credit risk, particularly Greece, being a main backdrop to=
today’s $ rally and equity weakness, here is a midday scorecard on sovere=
ign 5 yr CDS. Greek CDS is widening out by 32 bps to 268 and is up about=
100 bps in just the past two weeks. Spain is wider by 8 bps to 102 and vs=
87 two weeks ago. Mexico is wider by 11 bps to 146 up from 139 two weeks=
ago. US is wider by 4 bps to 39 to the highest since July and up 6 bps ov=
er the past two weeks. The UK CDS is up by 2.5 bps to 82 and up from 70 tw=
o weeks ago. To compare the 39 level for the US government, here are some=
US corporates that the market says has better credit, KO, PEP, SYY, COST,=
PG, KMB, CL, AVP, UTX, LMT, GD, LLY, MRK and JNJ.

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