CDSs on Fortis tighten

The cost of credit protection on Dutch and Belgian bank Fortis narrowed this morning, after Fortis chairman Jozef de Mey and BNP Paribas chief executive Baudoin Prot told media the takeover deal between the two banks is still alive.

Five-year senior credit default swap (CDS) spreads on Fortis tightened from 240 basis points at yesterday's close of trading to 216.4bp as of 10.20am GMT this morning, according to credit information specialist CMA Datavision. De Mey said BNP Paribas would probably go ahead with its planned purchase of Fortis' banking arm, despite opposition from Fortis shareholders, and Prot told French radio today the bank had until the end of the month to close the deal.

CDSs referencing Austrian banks

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