US Sovereign Debt CDS Spikes

We all heard about credit default swaps "blowing out" for the southern European countries today, but default risk also spiked for US sovereign debt.  Why US CDS even exists is a whole different story, but as shown below in the Bloomberg screenshot, it spiked significantly above its June high today.  Default risk is still well below the highs reached during the crisis, but we don't want to get anywhere near those levels again.

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Comments

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[Maximiliano]

I did not know that CDS for the USA were available. Why? Which is the parameter to give a value to this product? And I supposed that USA was the reference for the value of the CDS of other countries... then.... if USA has not zero risk, it can not be the parameter....so... I am confused.

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