CDS spreads on US banks tighten

The Credit Derivatives Research Counterparty Risk Index, which averages the five-year credit default swaps (CDS) spreads of the 15 largest credit derivatives dealers, dropped to 338.4 basis points, down from 360.4 bp on Thursday.

Goldman Sachs, which along with Morgan Stanley recently applied to become a bank holding company, saw its five-year CDS spreads move in to 400bp on Friday, down from 426.7bp the previous day. Morgan Stanley, which sold a 21% stake to Japanese financial group Mitsubi

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