CDS spreads stabilise in Europe and the US

Of the UK banks that will receive injections of government capital, five-year credit default swap (CDS) spreads on HBOS and RBS remained stable, the former rising by 1.3 basis points from at the close of trading on Thursday to 91.7bp, and the latter increasing marginally from 95bp to 95.4bp at 0945 BST.

The cost of protection on Lloyds TSB, the third UK bank that will accept government support, rose to 77.5bp from 70.5bp on October 16, according to credit information specialist CMA Datavisio

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