CDS spreads widen on financials
Market sentiment towards financials has worsened over the past week, with the cost of credit protection rising on US and European banks.
Five-year senior credit default swaps (CDS) referencing Citi moved out from 223.94 basis points at New York close on Monday August 10 to 254.28bp at 11am BST today, according to data from credit information specialist CMA Datavision. CDSs on Bank of America widened to 161.68bp from 140.55bp.
CDSs on Morgan Stanley moved out to 170bp from 139.5bp, CDSs on Goldman Sachs widened to 132.53bp from 96.71bp, and spreads on JP Morgan were trading wider at 72.81bp from 63.01bp.
In Europe, the cost of
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