CDSs tighten on insurance and pharmaceutical firms
The cost of credit protection on insurance and pharmaceutical firms fell in early trading today, while spreads on financials and Scandinavian sovereigns widened.
CDSs on Munich-based financial services giant Allianz moved in to 92.5bp from 102.9bp as it nears the completion of a deal to sell its Dresdner Bank division to Commerzbank. Swiss insurer Zurich saw spreads tighten to 117bp from
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