CDSs on US banks tighten
The cost of credit protection on US banks fell yesterday, in the week US Treasury secretary Timothy Geithner asserted "the vast majority" of the nation's banks are well-capitalised.
Five-year senior credit default swap (CDS) spreads referencing Citi - which reported a first-quarter net profit of $1.6 billion on April 17 - moved in from 606.8 basis points at close on Wednesday to 577.6bp at close of trading yesterday. CDSs on Wells Fargo tightened from 262.1bp to 241.8bp. Elsewhere, Bank of America saw its CDS narrow to 277bp from 288.8bp and spreads referencing JP Morgan tightened to 170.6bp from 177.5bp.
The cost of credit protection referencing major European financial
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