European financials fare better in CDS market

The cost of credit protection fell on European financials and Spanish commodity players in this morning's trading.

Five-year senior credit default swap (CDS) spreads referencing Paris-based firms Credit Agricole and Société Générale, which yesterday announced a preliminary agreement to merge their asset management businesses, moved in to 72.7bp and 89.6bp from 82bp and 98.1bp at the close of trading in New York yesterday, according to data from credit information specialist CMA Datavision.

In Germany, CDSs on Frankfurt-based Deutsche Bank and Munich-based Bayern Landesbank tightened to 102.6bp from 111.8bp

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