CDSs tighten on financials and widen on sovereigns

Five-year senior credit default swap (CDS) spreads referencing Citi had moved in 65.3bp to 259.2bp by 13:00pm London time today from 324.5bp at the close of trading yesterday, despite today's news that the firm will split in two after reporting $8.29 billion quarterly losses, according to data from credit information specialist CMA DataVision.

Spreads on Bank of America, which today was given $20 billion of Tarp funds and government guarantees against losses on a further $118 billion of toxic

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