CDSs on European banks widen

The cost of credit protection on European financials and southeast Asian sovereigns widened in early trading today.

Five-year senior credit default swap (CDS) spreads referencing the UK's sixth largest bank, Abbey National, were up to 86.7bp at 11:00am London time out from 73.3bp at the close of trading yesterday, according to data from credit information specialist CMA DataVision.

Spreads on Santander, the parent firm in the Santander group of which Abbey is a member, also widened today hitting 90.5bp from 78.9bp yesterday.

The cost of credit protection on the largest and third largest Portuguese banks, Banco

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