CDS spreads tighten on European insurers
The cost of credit protection fell on European insurance firms in early trading today, while remaining steady from yesterday on financials.
Five-year senior credit default swap (CDS) spreads referencing London-based Prudential moved in from 275.56 basis points at yesterday's New York close to 264.65bp at 11:00pm BST, according to data from credit information specialist CMA Datavision. Spreads referencing UK firm Legal & General tightened to 424.27bp from 429.27bp.
CDSs on London-based Aviva moved in to 204.71bp from 209.03bp, while spreads on ING's Amsterdam-based insurance arm ING Verzekeringen narrowed to 139.96bp from 144.54bp
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