French bank CDSs tighten

Five year credit default swaps (CDSs) on Société Générale tightened to 77.5 basis points at 0900 BST this morning from 85.2bp at close of trading yesterday. CDSs on BNP Paribas moved in to 51.9bp from 57bp and Crédit Agricole saw its CDS spreads tighten to 64.3bp from 68.7bp.

Market sentiment improved across European today: the cost of protection on Barclays dropped to 99bp from 103.5bp. Lloyds TSB - still in talks to acquire HBOS – saw its CDS spreads move in to 74.1bp from 80bp and CDSs on

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