CDSs on European financials tighten on positive Fed comments

The cost of credit protection on European financial institutions fell this morning following the US Federal Reserve's announcement yesterday that the economic outlook is improving.

Five-year senior credit default swap (CDS) spreads referencing Lloyds TSB moved in from 193.6 basis points at yesterday's close to 185.3bp at 11:45am BST this morning, according to data provided by credit information specialist CMA Datavision. CDSs on Barclays narrowed from 191.6bp to 185bp. Royal Bank of Scotland saw its spreads tighten from 196.9bp to 190bp. CDSs referencing HSBC narrowed from 127bp to 123.7bp.

In France, CDSs on BNP Paribas tightened from 96.9bp to 91.6bp. Spreads referencing

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