European bank CDS spreads tighten

After increasing on Friday, the cost of protection on European institutions dropped in early trading this morning. Five year credit default swaps (CDSs) on Barclays dropped from 100.8 basis points at close of trading on Friday to 96.7bp at 0900 BST today. Lloyds TSB - still in talks to acquire HBOS – saw its CDS spreads move in from 79.2bp to 75bp according to credit information specialist CMA DataVision.

Meanwhile, CDSs referencing HBOS tightened from 98.8bp on Friday to 95bp at 0900 this

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