CDS spreads on US banks tighten
Credit default swap (CDS) spreads on several US and European institutions tightened by close of trading on Friday as the impending bailout bill and a number of government initiatives restored confidence in the markets.
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 Mitsubishi
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