Bank CDSs hit by poor results
Market sentiment towards financials has been varied in the past week as more second-quarter bank results were announced.
Five-year senior credit default swaps (CDS) referencing Lloyds Banking Group moved out from 147.17 basis points at New York close on Friday July 30 to 152.78bp at 3pm BST today according to data from credit information specialist CMA Datavision. On August 5, the bank announced a first-half loss of £4 billion, attributed to bad debts at HBOS.
Swiss bank UBS also recorded a second-quarter loss of $1.32 billion this week. Spreads on the bank moved from 102.50bp to 113.18bp.
Royal Bank of Scotland
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