Five-year credit default swaps for South Africa rose the most since March 2009 on Monday, reaching 380 basis points, up 3 basis points compared with Friday, according to Markit. Russian five-year CDS rose 3 basis points, while Turkish five-year CDS rose 2 basis points.
Five-year credit default swaps for State Bank of India have jumped 45 basis points from their close Friday, to 351 basis points, the highest level in 14 months, according to Markit Group. The increase comes as India's rupee hits a record low against the U.S. dollar. "The CDS move is understandable," Societe Generale analyst Guillaume Salomon said. "When the currency is under pressure, it raises the question of how they will finance the deficit, hence the reason CDS is widening."
Viacom's increase of a stock-repurchase plan to $20 billion has widened credit default swaps spreads 20 basis points, to 75, according to Markit Research. Friday was the company's worst day in the CDS market since May 2008.
A deal struck by Michael Dell and Silver Lake Partners with a Dell special committee to take the company private has widened Dell's credit default swap spreads 73 basis points, to 406, according to Markit Research. Dell CDS spreads were 226 basis points narrower in January.