CDS spreads tighten on financials

Five-year credit default swap (CDS) spreads referencing Zurich-based Credit Suisse, which today announced a Sfr2.01 billion ($1.73 billion) first-quarter profit, tightened to 165.6 basis points at 2.45pm BST today from 175bp at close of New York trading yesterday, according to data from credit information specialist CMA Datavision.

In the UK, CDSs on Barclays, which said today it would increase loans to customers by £11 billion in 2009, narrowed to 190.5bp from 200bp, while spreads on Royal Bank

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