CDS spreads tighten further
The cost of credit protection on European and US banks narrowed this morning, as market sentiment improved on the announcement the Federal Reserve will cut the federal funds rate to 1%, its lowest level since 2004.
The cost of credit protection on Lloyds TSB, which is set to take over HBOS, moved in to 70.8bp from 77.2bp while CDS spreads on HBOS tightened from 115bp to 109.2bp.
The cost of
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