CDSs on European banks remain stable

The biggest movers were Swiss banks. Five-year senior credit default swap (CDS) spreads referencing UBS tightened from 184 basis points at close of trading last night to 180.7bp at 10:55am BST, according to data provided by credit information specialist CMA Datavision. Local rival Credit Suisse saw its CDSs push out from 157.8bp to 159.1bp.

Activity was even more muted elsewhere. Spreads referencing HSBC widened to 123.7bp from 122.9bp. French bank Société Générale saw its CDSs move out to 110.8b

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