CDSs tighten on US and European banks
The cost of credit protection on US and European banks fell in early trading this morning.
Five-year senior credit default swap (CDS) spreads referencing troubled Anglo Irish Bank, which had its Dublin headquarters raided by fraud investigators yesterday morning, tightened to 861.2 basis points at midday London time today from 935.7bp at the close of New York trading yesterday, according to data from credit information specialist CMA Datavision.
Elsewhere, spreads on French bank Société Générale - which reported a fourth-quarter profit of €87 million last week - moved in to 134.1bp
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