CDSs on Australian financials widen
As National Australia Bank - Australia's largest bank by assets -predicted a grim economic outlook for the country, the cost of credit protection on Australian financials rose this morning.
As of 11:35am BST, five-year senior credit default swap (CDS) spreads referencing National Australia Bank (NAB) - which also reported a 9.4% decrease in cash earnings for the first half of 2009 today - had widened to 125.4 basis points from 119.2bp at close of trading yesterday, according to data provided by credit information specialist CMA Datavision. CDSs on Macquarie Bank moved out to 378.8bp from 365.8bp. AMP Bank saw its CDSs jump from 253.3bp to 262.5bp. Spreads referencing ANZ Bank
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