CDSs on financials tighten on positive results
The cost of credit protection on European banks fell this morning ahead of the US government releasing the results of its stress tests on 19 US banks, helped by positive interim reports from UK banks.
Five-year senior credit default swap (CDS) spreads referencing Barclays - which reported a first-quarter net profit of £1.4 billion today - tightened from yesterday's close of 166 basis points to 158.1bp at 11:45am BST, according to data provided by credit information specialist CMA Datavision. Lloyds TSB - which reported "a good revenue performance" for Q1 without citing specific figures - saw its CDSs narrow from 166bp to 159.5bp. Spreads referencing HSBC moved in from 105bp to 96.5bp. CDSs on
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