CDSs on European financials tighten ahead of Geithner announcement

Five-year senior credit default swap (CDS) spreads referencing HSBC moved in from 146.6 basis points at close of trading on Friday to 142.7bp as of 10:00 GMT today, according to data from credit information specialist CMA Datavision. Meanwhile, CDSs referencing Royal Bank of Scotland narrowed from 202.5bp to 195bp, and spreads on Barclays dropped from 203.3bp to 197.8bp.

The cost of credit protection on other European banks also fell this morning. Spreads on French banking giant BNP Paribas moved

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