Financial CDSs move on stimulus plan
The cost of credit protection on US financial institutions fell in early trading today, following yesterday's announcement by Treasury secretary Timothy Geithner of a $1 trillion toxic asset purchase plan.
Spreads on fellow Wall Street firms Morgan Stanley and Goldman Sachs tightened to 315bp and 230bp from 322.5bp and 236.5bp, while CDSs on JP Morgan moved in marginally to 112.8bp from 113.7bp.
The cost of credit protection
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