Sumitomo Mitsui Banking Corporation, which is considered as being safer from Japan’s growing non-performing loans problem, saw the cost of the protection on its credit drop to around 107bp from 125bp last week.
Japan’s CDS market took a breather by Friday, thanks to some positive corporate news in the US that supported stock prices. Computer maker Fujitsu, for example, benefited from a rebound in US computer maker Hewlett-Packard’s stock price. Fujitsu’s five-year senior credit protection stood at 225bp Friday, down from 238bp last week.
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