CDSs on US banks and insurers widen 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 427.1bp on the previous day. The cost of credit protection on Morgan Stanley remains substantially

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