US banks' CDSs tighten on permission to repay CPP funds

While the Treasury did not disclose which banks were eligible for repayment, five-year senior credit default swaps (CDS) referencing participating firm Goldman Sachs tightened to 141.7 basis points at 4:50pm BST today from 145.1bp at close of trading in New York yesterday, according to credit information specialist CMA Datavision.

Spreads on other participating banks also narrowed. CDSs on JP Morgan moved in to 97.7bp from 100bp, while spreads on Morgan Stanley tightened to 219.3bp from 225.6bp.

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