CDS spreads widen on US financials
The cost of credit protection on major US banks rose further in early European trading today as the market exercised caution over the recent flurry of positive first-quarter earnings.
Five-year credit default swap (CDS) spreads referencing Citi widened from 602 basis points at close of New York trading yesterday to 636.6bp at 2.30pm BST today, according to data from credit information specialist CMA Datavision. CDSs on Bank of America moved out from 272.9bp to 302.1bp.
Merrill Lynch saw its spreads widen from 389.3bp to 424.5bp, while CDSs on Morgan Stanley hit 365.9bp from 340.7bp. CDSs also widened on JP Morgan to 190.3bp from 181.4bp, while spreads moved out to 266.8bp from
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