CDS spreads tighten on European banks

Five-year senior credit default swap (CDS) spreads referencing UBS moved to 273.4bp at 4:45pm London time today from a close of 319.2bp, according to data from credit information specialist CMA Datavision. Spreads on Credit Suisse tightened to 199bp from 234bp.

Other European financials also fared well, with spreads on Italian firm UniCredit, which was downgraded yesterday to A from A+ by rating agency Standard & Poor's, trading tighter by 22.7bp at 182.3bp. The cost of credit protection narrowed

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