Sentiment improves towards US banks

Five-year senior credit default swap (CDS) spreads referencing Wells Fargo tightened to 226 basis points at 3:00pm London time from 267.5bp at the close of New York trading yesterday, according to data from credit information specialist CMA Datavision.

Wachovia saw CDSs move in to 226.9bp from 265.4bp and spreads on Bank of America narrowed to 292bp from 335bp. The cost of protection on JP Morgan dropped to 187.8bp from 214bp.

US treasury secretary Timothy Geithner said on Tuesday the precise

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