CDSs on financials tighten on positive results

Five-year senior credit default swap (CDS) spreads referencing Barclays - which reported a first-quarter net profit of £1.4 billion today - tightened from yesterday's close of 166 basis points to 158.1bp at 11:45am BST, according to data provided by credit information specialist CMA Datavision. Lloyds TSB - which reported "a good revenue performance" for Q1 without citing specific figures - saw its CDSs narrow from 166bp to 159.5bp. Spreads referencing HSBC moved in from 105bp to 96.5bp. CDSs on