CDSs widen on Japanese firms

The cost of credit protection on Japanese corporates and electronics firms widened in early European trading today.

Five-year senior credit default swap (CDS) spreads referencing Sony and Sharp widened to 165bp and 145bp at 12:00pm London time today from 140bp and 123.3bp at close of trading on Friday, according to data from credit information specialist CMA Datavision.

CDSs on Japan's two largest property insurance companies Tokio Marine & Nichido Fire Insurance and Sompo Japan Insurance, which announced on Friday ¥74.2 billion impairment losses on net unrealised gains on securities for Q3 2008, moved out to

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