Société Générale CDS spreads recover after shaky start

Societe Generale building

French banks saw a renewed bout of protection buying in the credit default swap (CDS) market this morning, amid ongoing concerns about their exposure to Greece and worries about access to US dollar funding.

The cost of CDS protection on Société Générale broke above 400 basis points this morning, having closed at 387bp last Friday. CDS spreads later tightened to 316bp by 2.30pm London time, after the French bank released data on its sovereign exposures.

Société Générale reported that its exposure

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