Japanese credit spreads resilient to war on Iraq

Japanese bank default swap spreads remained largely unchanged from last week, with bid-offer spreads on Bank of Tokyo-Mitsubishi credit protection remaining at 55-70bp, while Mizuho and UFJ traded at 140-170bp. Bid-offer spreads on Sumitomo Mitsui Banking Corporation credit protection were quoted at 85-100bp, in from 90-105bp last Friday.

One trader noted that few participants have had any incentive to make any dramatic changes today. “Generally, for the banks – at least in the credit

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