Japanese bank spreads hit on renewed equities portfolio concerns

UFJ and Mizuho were the two most actively traded credits, with the cost of their five-year senior debt protection trading at 135/155bp and 130/160bp, respectively – out from around 110/140bp last week. Bank of Tokyo Mitsubishi’s credit default swap spread widened by 10bp to 60/75bp, from 50/65bp last week, while Sumitomo Mitsui Banking Corporation’s spread widened to 75/90bp, from 65/85bp.

In quiet trading, there was some activity in sovereign protection, with traders arbitraging the Japanese

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