Two key indicators point towards continued problems in the financial industry. One indicator is bank debt.

(Bloomberg) -- Bank debt is as stressed as when Bear Stearns Cos. had to be bailed out and Lehman Brothers Holdings Inc. collapsed, according to analysts at BNP Paribas SA.

The CHART OF THE DAY shows contracts on the Markit iTraxx Financial index of credit-default swaps linked to the senior debt of 25 banks and insurers were more expensive today than the Markit iTraxx Europe corporate index. That hasn’t happened since Lehman went bankrupt in September and, before that, JPMorgan Chase & Co.’s takeover of Bear Stearns and it reflects “systemic stress” in the financial system, according to BNP Paribas.