CDS spreads tighten further

Five year credit default swaps (CDSs) on Barclays dropped to 118.3 basis points at 1100 GMT this morning from 124.7bp at close of trading yesterday. HSBC saw its CDSs fall to 90bp from 94bp and CDSs on Royal Bank of Scotland tightened to 111.9bp from 116.5bp according to credit information specialist CMA DataVision.

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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