Sentiment improves towards US banks
The cost of credit protection on US banks fell in intraday trading today as the government looks set to relieve them of their impaired assets.
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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