UK CDS spreads widen

Five year credit default swaps (CDSs) on Lloyds TSB – set to form Lloyds Banking Group by January 2009 with the planned acquisition of HBOS – widened to 64.6 basis points at 0930 GMT this morning from 62.8bp at the close of trading yesterday. CDS spreads on HBOS moved out 4.1bp to 99.8bp, according to credit information specialist CMA DataVision.

As part of the deal, both banks plan to raise a combined £13 billion from investors, with an additional £4 billion of preference shares to be

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