CDS spreads stabilise on financials
Market sentiment remained steady this morning towards US and European banks.
Five-year credit default swap (CDS) spreads referencing Morgan Stanley, which today announced a $177 million first-quarter loss, widened from 345.57 basis points at close of New York trading yesterday to 375.14bp at 3.15pm BST today, according to data from credit information specialist CMA Datavision.
CDSs on Citi moved out from 604.2bp to 612.8bp, while spreads on Bank of America moved out from 271.5bp to 280bp.
In the UK, the unveiling of the new Budget had little effect on credit spreads, with
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