CDS spreads tighten as markets recover

Five year credit default swaps (CDSs) on Barclays tightened to 120.3 basis points at 0930 GMT this morning from 127.2bp at close of trading yesterday. CDSs on Royal Bank of Scotland fell to 118.7bp from 127.8bp, while Lloyds TSB – still engaged in takeover talks with HBOS – saw its spreads move in to 75.8bp from 89.7bp, according to credit information specialist CMA DataVision.

CDSs referencing HBOS tightened to 115bp from 126.8bp and the cost of protection on HSBC decreased to 94.5bp from 1

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