CDS spreads widen on US financials
The cost of credit protection on major US banks rose today despite continued positive first-quarter earnings.
Five-year credit default swap (CDS) spreads referencing Bank of America, which today joined Goldman Sachs, JP Morgan and Citi in posting a profit for the first quarter of 2009 - the firm recorded a net income of $4.25 billion, with more than $3 billion coming from its acquisition of Merrill Lynch - widened from 222 basis points at close of New York trading on Friday to 243.8bp at 2.30pm BST today, according to data from credit information specialist CMA Datavision. CDSs on Merrill Lynch moved
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