CDS spreads narrow on US financials

Five-year senior credit default swap (CDS) spreads referencing Citi, which has been profitable in the first two months of 2009, generating revenues of $19 billion, moved in to 585.7 basis points at 14:00 London time today (09.00 am New York time) from 630bp at close of trade in New York yesterday, according to data from credit information specialist CMA Datavision.

Other US financials also fared well this morning, with spreads on JP Morgan trading tighter by 17.61bp to 225.78bp, as CDSs on Wells

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