CDSs on European financials tighten
The cost of credit protection on European banks decreased this morning, after Goldman Sachs reported a first-quarter net profit of $1.81 billion yesterday.
Five-year senior credit default swap (CDS) spreads referencing Barclays tightened from 204.8 basis points at close of trading yesterday to 188bp as of 11:30am BST, according to data provided by credit information specialist CMA Datavision. Spreads on HSBC also moved in to 125bp from 134.9bp, while CDSs referencing Royal Bank of Scotland narrowed to 187bp from 188.8bp. Of the major UK banks, only Lloyds TSB saw its CDSs widen, from 186.1bp to 188.6bp.
The cost of credit protection on the major
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