CDS spreads tighten further on US financials

The cost of credit protection on major US financials fell in today's European and Asian trading.

Five-year senior credit default swaps (CDS) referencing Citi moved in to 401.1 basis points at 3.45pm BST today from 416.5bp at close of trading in New York yesterday, according to credit information specialist CMA Datavision. Spreads on Bank of America tightened to 205.5bp from 217.7bp.

CDSs on Morgan Stanley narrowed to 193.3bp from 200.5bp, CDSs on Goldman Sachs moved in to 140.3bp from 148.1bp, while spreads were trading tighter on Wells Fargo at 140.2bp from 146.5bp.

Elsewhere, CDSs

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