Japanese banks' spreads widen following Nikkei tumble

The bid-offer spread on Bank of Tokyo Mitsubishi credit protection was quoted at 55-70bp on Friday, compared with 52/62bp last week. Sumitomo Mitsui Banking Corporation (SMBC) was quoted at a bid-offer spread of 90/105bp, out from 84/94bp last Friday; while Mizuho and UFJ both traded at 140/170bp on Friday, out from 135-155bp last week.

One trader noted that Mizuho credit default swaps were also hit when the bank scrapped plans to issue a portion of preferred shares to overseas investors. In

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