We develop a theoretical and empirical framework for the connections between global …nancial and sovereign CDS markets. The transmission of shocks is shown to a¤ect the systemic default probability of the international network. The network is found to be "robust but fragile", meaning that a shock can result in the propagation of crises. Between 2003 and 2013, the probability of default in the network in the face of potentially poor investment outcomes and/or sovereign bond haircuts changes substantially. The results suggest that it is the interconnectedness of the …nancial and sovereign debt markets that provides increased protection against …nancial fragility.