CDS spreads widen on US and European banks
The cost of credit protection rose on US and European financials today.
Five-year senior credit default swaps (CDSs) referencing Citi moved out to 460.1 basis points at 2.30pm BST today from 447.1bp at close of trading in New York on Friday, according to credit information specialist CMA Datavision. Spreads on Bank of America widened to 260.1bp from 251.8bp.
CDSs also widened on Merrill Lynch to 294.2bp from 285.4bp. Spreads on Morgan Stanley moved to 226bp from 222.3bp, while spreads were wider on Goldman Sachs at 160.1bp from 155.1bp. JP Morgan saw its spreads move
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