CDSs on UK financials begin to widen
The cost of credit protection on UK banks rose this morning after two days of narrowing in five-year senior credit default swap (CDS) spreads.
Barclays - which is negotiating the sale of its 'iShares' asset management business - saw its CDSs move out from 190 basis points at close of trading yesterday to 194.6bp at 10:20am GMT this morning, according to data from credit information specialist CMA Datavision.
Elsewhere, CDSs referencing Lloyds TSB widened from 177.6bp to 181.7bp; spreads on Royal Bank of Scotland jumped to 190.3bp from 187.7bp; and CDSs on HSBC -which revealed today that it could cut up to 1,200 jobs in the UK - moved
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