European bank CDS spreads tighten further
Market sentiment remained bullish on European financials this morning, following a $1.1 trillion global economic stimulus package promised last week by the G-20 leaders.
The cost of credit protection on UK banks decreased, with five-year senior credit default swap (CDS) spreads referencing Royal Bank of Scotland trading tighter at 190.7 basis points at 2:30pm BST today from 201.1 bp at close of trading on Friday, according to data from credit information specialist CMA Datavision.
Spreads on Lloyds Banking Group also tightened, moving from 197.7bp to 190bp, while CDSs on Barclays narrowed to 194.7bp from 197.9bp. Elsewhere in Europe, spreads on UBS tightened to
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