Little seasonal cheer for bank CDS spreads

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Christmas might be just around the corner, but there has been little merriment for Europe's biggest banks, which have endured a volatile few weeks in terms of credit default swap (CDS) spreads. Markets have been digesting ratings downgrades, political friction over attempts to bolster the eurozone, and signs of growing funding stress within the industry.

Spreads had been widening gradually before a new European Union (EU) 'fiscal compact' to restore discipline to the continent was agreed by all

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