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CDS , . CDS , ( ). , . , /, ( ). CDS 5 . 1000 .. (, /, ) , 10% . CDS . CDS, .

Top 10 Most Risky Sovereign CreditsTop 10 Most Risky Sovereign Credits Position Q4 2012Country 5 Year CPD (%) 5 Year CDS Mid (bps) Previous Ranking 1 Argentina 61.4% 1,450 3 (Down 2) 2 Cyprus 60.5% 1,081 2 (No change) 3 Pakistan 42.8% 779 4 (Down 1) 4 Venezuela 37.4% 641 5 (Down 1) 5 Ukraine 36.3% 628 6 (Down 1) 6 Portugal 32.6% 436 7 (Down 1) 7 Egypt 30.4% 502 10 (Down 3) 8 Iraq 28.1% 462 New Entry 9 Lebanon 27.5% 441 9 (No change) 10 Spain 23.5% 295 8 (Up 2)

Source: CMA

Top 10 Most Risky Sovereign Credits

() CDS . .**PD - DD EAD - LGD CDS -

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2011Q42012Q12012Q22012Q3001_T1_General.Government23 98923 92622 08224 890002_T1_..Short-term2 0012 074079003_T1_.....Money.market.instruments174079004_T1_.....Loans2 0002 00000009_T1_Long-term21 98821 85222 08224 811010_T1_.....Bonds.and.notes10 0479 9429 37513 029011_T1_.....Loans11 94111 91012 70711 782014_T1_Monetary.Authorities9 3728 8758 1067 511015_T1_..Short-term0000022_T1_..Long-term9 3728 8758 1067 511024_T1_.....Loans7 3626 8476 1245 491026_T1_.....Other.debt.liabilities.5/ *2 0102 0281 9822 020027_T1_Banks25 19824 06124 04222 594028_T1_..Short-term5 7865 3295 8904 817030_T1_.....Loans3 6103 5593 4163 270031_T1_.....Currency.and.deposits.6/2 1731 7672 4701 545032_T1_.....Other.debt.liabilities.5/3342033_T1_........Arrears3342035_T1_..Long-term19 41218 73218 15217 777036_T1_.....Bonds.and.notes3 6483 3703 4103 403037_T1_.....Loans13 19812 75012 31511 889038_T1_.....Currency.and.deposits.6/2 5662 6122 4272 485040_T1_Other.Sectors.7/60 55762 28566 49768 535041_T1_..Short-term24 92725 35429 20927 302042_T1_.....Money.market.instruments440440440440043_T1_.....Loans1 4912 2372 046577045_T1_.....Trade.credits17 48616 67120 31120 189046_T1_.....Other.debt.liabilities.5/5 5106 0066 4126 096047_T1_........Arrears5 5106 0066 4126 096049_T1_..Long-term35 63036 93137 28841 233050_T1_.....Bonds.and.notes4 0194 5824 6214 623051_T1_.....Loans31 42632 19232 52036 271053_T1_.....Trade.credits185157147339055_T1_Direct.investment:.Intercompany7 1207 7378 2288 916059_T1_..Debt.liabilities.to.direct.investors7 1207 7378 2288 916060_T1_.....Arrears8849791 008929061_T1_.....Other6 2366 7587 2207 987062_T1_Gross.External.Debt.Position126 236126 884128 955132 446

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** : v_mipt@bk.ru !

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