Contracts on the Markit iTraxx Financial index of credit- default swaps linked to the senior debt of 25 banks and insurers were more expensive today than the Markit iTraxx Europe corporate index. That hasn’t happened since Lehman Brothers Holdings Inc. went bankrupt in September and, before that, JPMorgan’s takeover of Bear Stearns, according to BNP Paribas. It reflects “systemic stress” in the financial system.
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To contact the reporters on this story: David Mildenberg in Charlotte at dmildenberg@bloomberg.net; Bryan Keogh in New York at bkeogh4@bloomberg.net
Above extract from Bloomberg ...
