CDS spreads tighten on US and European banks
The cost of credit protection fell on US and European financials today.
Five-year senior credit default swaps (CDSs) referencing Citi moved in to 448.3 basis points at 3.05pm BST today from 461bp at close of trading yesterday, according to credit information specialist CMA Datavision. Spreads on Bank of America tightened to 251.5bp from 257.5bp.
CDSs also narrowed on JP Morgan to 104.1bp from 106.6bp, and to 225.3bp from 228.6bp on Morgan Stanley. Spreads on Goldman Sachs were trading tighter at 158.5bp from 160bp, while CDSs on Merrill Lynch moved in to 293.8bp from
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