CDS spreads widen on US banks

The cost of credit protection on US financials rose in Asian and European trading today following President Obama's reform plans, unveiled yesterday.

Five-year senior credit default swaps (CDSs) referencing Goldman Sachs moved out to 159.3 basis points at 4.20pm BST today from 151.9bp at close of trading yesterday, according to credit information specialist CMA Datavision. Spreads on Bank of America widened to 255.7bp from 252bp.

CDSs on Merrill Lynch moved out to 290.7bp from 283.8bp, and spreads on JP Morgan widened to 108.9bp from 106.5bp, while CDSs on Morgan Stanley were trading wider at 227.7bp from 222.9bp.

Spreads on Wells Fargo, which

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