CDS spreads tighten as markets rally

European banks were among the biggest percentage winners. Santander saw its credit default swap (CDS) spreads tighten to 92.9 basis points at 10:00am London time, a change of 9.1bp from the close of trading on Friday. The cost of protection on Fortis fell to 71.5bp from 77.5bp, while spreads on Dresdner moved to 80.7bp from 85bp.

In the sovereign markets, the cost of credit protection on a number of Asian countries declined. CDS spreads referencing Vietnam moved in 31.8bp to 469bp, Thailand saw i

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