CDSs on US banks and insurers widen again
A day of turmoil on the world stock markets saw the cost of credit protection for several US banks and insurers rise once again.
The spread widening on five-year credit default swaps (CDSs) linked to financial institutions came despite Tuesday’s announcement by the US Treasury that $125 billion will be pumped into US banks in an effort to prop up capital markets.
Former investment bank Morgan Stanley, in which Japanese bank Mitsubishi UFJ will purchase a 21% stake for $9 billion, saw its CDSs widen to 500 basis points from
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