CDS Target Hit; Relative Play An Attractive Option

With the Vietnam 5-year Credit Default Swap (CDS) having reached the 270bps target we set out in December, we believe a move towards 300bps is a distinct possibility. With the possibility that developments in the Greek debt crisis will bring volatility in CDSs across the board, we highlight the prospects of a further widening of the spread of Vietnam's CDS over that of the Philippines as an attractive relative play.

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