US CDSs continue to soar as eurozone banks stabilise

The cost of credit protection on US financial institutions continued to rise steeply yesterday as world equity markets suffered significant losses.

UK financial institutions fared better, with five-year senior credit default swap (CDS) spreads tightening despite the FTSE 100 index sinking to 3,874.99 yesterday evening.

CDSs on Lloyds TSB, whose shareholders approved the takeover of HBOS on Tuesday, narrowed from 105.3 basis points to 101.7bp at 9:50 GMT this morning, according to credit information specialists CMA Datavision. Spreads on HBOS have also reacted favourably, dropping from 142.5bp last night to 133.2bp this morning.

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