CDS spreads tighten on financials

Five-year senior credit default swaps (CDS) referencing Citi moved in to 432.12 basis points at 3.40pm BST today from 447.75bp at Friday's New York close, according to credit information specialist CMA Datavision. Spreads on Bank of America tightened to 237.55bp from 242.34bp.

CDSs on Goldman Sachs narrowed to 156.17bp from 160.29bp, while spreads on Morgan Stanley were trading tighter at 216.74bp from 220.73bp.

In Europe, the cost of credit protection on Royal Bank of Scotland fell to 172.78bp

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