Steady morning for bank CDSs

After a significant improvement in market sentiment yesterday, the cost of credit protection remained steady this morning on US financials, while falling on south-east Asian corporates.

Five-year senior credit default swap (CDS) spreads referencing Morgan Stanley moved to 357.6bp at 11:00am this morning from a close of 357.8bp, according to data from credit information specialist CMA Datavision. Spreads on Goldman Sachs tightened to 257.2bp from 257.6bp.

In Europe, CDSs on Barclays, which yesterday confirmed it was in talks over the possible sale of its iShares fund management business, tightened to 220.9bp from 228.1bp, while spreads on UBS moved to 320.5bp from 328bp. The

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