CDSs on European banks widen
The cost of credit protection on European banks increased this morning, as UBS predicted a first-quarter 2009 loss of Sfr2 billion.
As of 12:30am BST, five-year senior credit default swap (CDS) spreads referencing Barclays had pushed out to 195 basis points from 189.7bp at yesterday's close, according to data provided by credit information specialist CMA Datavision. Spreads on HSBC moved out to 127.9bp from 124.7bp. Similarly, CDSs on Royal Bank of Scotland widened from 189.4bp to 192.3bp, and spreads referencing Lloyds TSB moved out from 188.7bp to 189.8bp.
But the cost of credit protection on UBS remained largely
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