CDSs on European financials tighten
The cost of credit protection on financial institutions fell in early trading this morning, while a number of industrial names traded wider.
European banks and insurers were among the biggest percentage movers. Five-year senior credit default swap (CDS) spreads referencing German financial services giant Allianz moved in to 124.7 basis points at midday, a shift of 15.5bp from the close of trading yesterday.
UK bank Lloyds TSB saw its CDSs tighten 10bp to 104bp, while CDSs referencing German landesbank WestLB moved out 11bp to 134.1bp.
In the sovereign markets, spreads on the Netherlands moved in 8.2bp to 90.8bp, according to CMA
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