CDS spreads fall this morning
The cost of credit protection on European banks tightened in early trading today after reaching a peak on Friday, as quarterly profits plummeted.
Five-year senior credit default swap (CDS) spreads referencing HSBC tightened to 82.2 basis points at 10.00 GMT this morning from 88.9bps at the close of trading on Friday, according to credit information specialist CMA DataVision. The bank revealed today its third-quarter profits have risen due to growth in Asian markets.
Barclays, which added €1.1 billion to its mortgage books with the acquisition of Australian bank Macquarie's Italian residential mortgage business last week, saw its CDS
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