CDS spreads tighten on financials
The cost of credit protection on US financials continued to fall in European trading today, while sentiment was also positive towards European banks.
Five-year senior credit default swap (CDS) spreads referencing Bank of America moved in from 187.27 basis points at yesterday's New York close to 175.4bp at 3:00pm BST today, according to data from credit information specialist CMA Datavision. Spreads referencing Citi tightened to 369bp from 392.5bp.
Sentiment also improved towards other major US firms today, with spreads on Goldman Sachs trading tighter at 161.8bp from 174.12bp, while CDSs on Morgan Stanley moved in to 260.4bp from 271.19bp, and
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