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Credit-default swaps on the subordinated bonds of Macquarie Group Ltd. increased 60 basis points to 435 basis points and contracts tied to the non-senior debt of St George Bank Ltd. rose about 28 basis points to 300 basis points, both at records, according to Citigroup Inc. Asia's benchmark indexes reached records after U.S. and European gauges climbed yesterday.
``The market is very, very scary,'' said Andre Rattanavan, a Hong Kong-based credit trader at BNP Paribas SA. ``It gives us new fear, new shocks and new levels everyday.''
One or more of four main indexes in Asia have set records on about half of the trading days this year and the Australian benchmark has more than doubled since Jan. 16 as financial firms globally disclosed almost $190 billion of losses and writedowns from the U.S. subprime mortgage collapse. Funding costs have surged as banks raise interest rates and hedge funds have been forced to sell more than $5 billion in holdings.
