CDS spreads stay firm
The cost of credit protection on European and US banks remained stable this morning, as the world’s equity markets steadied after a volatile week.
Five year credit default swaps (CDSs) on Barclays, which will raise up to £7.3 billion of capital by selling convertible bonds and preferred shares, reached 119.3bp at 0930 GMT this morning, an increase of just 0.1bp since close of trading yesterday.
HSBC saw its CDSs increase 0.6bp to 89.8bp and CDSs on Royal Bank of Scotland widened from 108bp to 108.8bp, according to credit information
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