CDS spreads fall on Spanish energy

The cost of credit protection on Spanish energy firms plummeted in early trading this morning and confidence in the Japanese electronics sector began to return.

Five-year senior credit default swap (CDS) spreads referencing Madrid-based electric utility company Endesa reached 486.9bp at 10:30am London time, in from 552.9bp at the close of trading on Tuesday. Local rival Iberdrola, which is reported to have reached an agreement with France's GDF Suez to develop joint nuclear power projects in the UK, saw spreads move in to 120.8bp from 130bp.

CDSs on Barcelona-based energy firm Gas Natural - currently awaiting regulatory approval for its proposed takeover

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