CDS spreads tighten on Tarp repayment promises

Sentiment continued to improve towards US financials today as several major dealers committed to repay loans made by the US government under the Troubled Assets Relief Programme (Tarp).

On June 9, the Treasury granted permission to 10 of the largest financial institutions participating in its Capital Purchase Program - a component of the Tarp in which the Treasury committed to purchasing up to $250 billion of senior preferred shares of qualified financial institutions - to repay a combined total of $68 billion.

The Treasury did not disclose which banks were eligible for repayment, but JP Morgan confirmed today that it would repay the full $25 billion preferred investment it

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