And some sovereign CDS observations form the good folks at www.creditresearch.com. Seems the short covering is not done yet, either here or elsewhere (although SPG did do its second follow on less than 2 months thanks to ML, maybe the propped up tide is finally turning - hey State Street, you can stop recalling all those shorts now... we jest of course).
"Our index of Government Risk is at six month tights and dropping today even as the 30Y auction does not go as well as hoped."
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