Credit Default Swaps (CDS), an insurance against default, tied to ICICI Bank and State Bank of India are now at elevated levels that were last seen during the peak of the first wave of coronavirus. The CDS rates seem to discount the market-beating earnings of private lenders for the fourth quarter.source https://economictimes.indiatimes.com/industry/banking/finance/banking/cost-to-cover-default-risks-goes-up-for-banks/articleshow/82295319.cms
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