CDS spreads tighten on European banks
The cost of credit protection fell today on European financials in response to yesterday's commitment by the Federal Open Markets Committee to buy up to $300 billion in long-term US Treasury securities.
Other European financials also fared well, with spreads on Italian firm UniCredit, which was downgraded yesterday to A from A+ by rating agency Standard & Poor's, trading tighter by 22.7bp at 182.3bp. The cost of credit protection narrowed
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