CDS spread widen further amid recession fears

Five year credit default swaps (CDSs) on Barclays widened to 119.2 basis points at 0930 BST this morning from 114.2 bp at the close of trading yesterday. Lloyds TSB - still engaged in takeover talks with HBOS – saw its CDS spreads move out to 82.2bp from 78.3bp and CDSs on Royal Bank of Scotland rose to 126.8bp from 113.8bp, according to credit information specialist CMA DataVision.

CDSs referencing HBOS widened to 119.4 bp from 111.5bp and the cost of protection on HSBC increased from 64bp

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