CDSs on European financials widen

Of the major UK banks, Royal Bank of Scotland was worst hit: five-year senior credit default swap (CDS) spreads referencing the bank moved out from Friday's close of 188.1 basis points to 198bp as of 11:00 BST, according to data provided by credit information specialist CMA Datavision.

Spreads referencing Barclays - which will not need to subscribe to the UK government's asset protection programme according to media reports - widened from 194.8bp to 203.5bp and CDSs on HSBC jumped to 146.6bp from