CDS spreads tighten on European and US banks
The cost of credit protection fell on European and US banks in European trading today.
Five-year senior credit default swaps (CDSs) referencing Credit Suisse moved in to 101.8 basis points at 2.25pm BST today from 106.5bp at yesterday's New York close, according to credit information specialist CMA Datavision. Spreads on BNP Paribas tightened to 78.2bp from 82bp.
CDSs on UBS narrowed to 129.7bp from 136.5bp, while spreads on Lloyds Banking Group were trading tighter at 177.5bp from 181.9bp.
In the US, spreads on financials also tightened. CDSs referencing Citi moved in to 457.4bp
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