CDS spreads narrow on Australian banks
The cost of credit protection fell on Australian financials today, but remained steady on US and European banks.
Five-year senior credit default swaps (CDS) referencing Commonwealth Bank of Australia tightened to 70 basis points at 12:50pm BST today from 76.36bp at close of trading in New York yesterday, according to information from credit information specialist CMA Datavision.
Spreads on National Australia bank moved in 7.54bp to 70bp, while CDSs on Australia and New Zealand Banking Group also moved in to 70bp from 76.55bp.
CDSs on most major European and US banks remained relatively unchanged from
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