CDSs on Chinese financials tighten on positive corporate results
The cost of credit protection on Chinese banks fell this morning as a series of positive results for Chinese corporates boosted the Shanghai Composite Index 2.78% and Hong Kong's Hang Seng Index 2.76% in overnight trading.
As of 10:55am BST, five-year senior credit default swap (CDS) spreads referencing Bank of China had moved in to 209.5 basis points from 228.1bp at close of trading yesterday, according to data provided by credit information specialist CMA Datavision. CDSs on China Development Bank tightened to 210.4bp from 228.6bp. Export-Import Bank of China saw its CDSs move in from 225.2bp to 211.7bp. Spreads referencing Chinatrust Financial narrowed to 191.9bp from 202.3bp. Meanwhile, the cost of sovereign
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