CDS spreads tighten on financials

Market sentiment on financials improved in the past week, with the cost of credit protection falling on US and European banks.

Five-year senior credit default swaps (CDSs) referencing Citi moved out to 227.68 basis points at 2.10pm BST on September 11 from 255.09bp at New York close on Monday September 7, according to data from credit information specialist CMA Datavision. CDSs on Bank of America tightened to 146.44bp from 160.64bp.

CDSs narrowed on Merrill Lynch to 156.26bp from 171.8bp

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