CDS spreads widen on Korean financials
The cost of credit protection on Korean banks tightened significantly in European and Asian trading today, while remaining steady on US and European financials.
In Korea, where several state-owned banks face privatisation, five-year senior credit default swap (CDS) spreads referencing Korea Development Bank tightened from 300 basis points at close of trading yesterday to 265bp at 15:30pm BST today, according to data from credit information specialist CMA Datavision.
Spreads also narrowed to 341.1bp from 390bp on Woori Bank and to 271.8bp from 308.8bp on Industrial Bank of Korea. CDSs on Export-Import Bank of Korea also moved in to 265bp from 300bp, while
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