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Euro Credit Crisis affects show up in higher issue costs for Euro companies…

“European credit will continue to struggle versus the US market in the coming months, in our view. Problems in the periphery will not go away in the new year,” said Teo Lasarte, European credit strategist at BofA Merrill Lynch.

US and European CDS indices were roughly the same at the start of September but have diverged wildly since then. 

The US investment-grade five-year CDS index has fallen from about 105 to 85 during the period, while the iTraxx Europe five-year index has stayed flat at 105.

The implications will start to hit home, as any form of debt costs more to issue in Europe, and will continue too.  This is not unexpected but is a realistic side affect of Sovereign risk fears expanding into the secondary economy.  Europe has a matter of days to weeks, to figure out a solution to its long term plans, or the long term plans will start to be decided for them.
Europe is breaking do to  the reality of its structural weaknesses, until those are address, this wont get better.  There is no white knight about to ride into the scene to save the European Princesses stuck in the tower, which is about to be sold at auction for unpaid debts.