CDS spreads widen in market turmoil

Five year credit default swaps on UK financial institutions, which tightened significantly yesterday following the announcement of the UK government’s rescue plan on October 8, widened this morning. So far, a number of banks have confirmed participation in the scheme including Barclays, Lloyds TSB, HBOS and Royal Bank of Scotland (RBS).

According to credit information specialist CMA Datavision, RBS’ CDS spreads had widened to 207.5 basis points by 1000 BST today from 190.2bp at close of trad

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