CDS spreads tighten on US commodity firms
The cost of credit protection on Texas-based oil and gas companies fell in early European trading today, while spreads tightened on US financials.
Five-year senior credit default swap (CDS) spreads referencing Houston-based Marathon Oil moved in from 134.46 basis points at New York close yesterday to 116.21bp at 2.05pm BST today, according to data provided by credit information specialist CMA Datavision. Spreads on Irving, Texas-headquartered oil company Exxon Mobil tightened to 36.03bp from 42.72bp.
Spreads on Anadarko Petroleum, also based in Texas, were trading tighter by 12.37bp at 82.74bp. CDSs on Petroliam Nasional, a large
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