September 23, 2022: Putin & The Vigilantes

It really got going Tuesday. Chinese “big four” bank CDS each surged about 10 bps, the largest single-session gains since the July 15th peak “risk off.” Heightened risk aversion was not limited to Chinese banks. European bank CDS shot higher, with (subordinate) bank debt CDS jumping 19 bps (largest move since July). UK banks Barclays [...]