Japanese bank credit spreads tighten on central bank bailout
Credit protection sellers in Tokyo welcomed the Japanese authorities’ plan to buy shares from the banks to help stop the deterioration of banks’ financial ratios due to the fall in stock prices, helping Japanese bank credit default swap spreads end the week tighter than a week ago.
In the credit protection market, Sumitomo Mitsui Banking Corp (SMBC) was trading at a spread of about 100 basis points on Friday, down from 115bp a week ago. UFJ Bank’s credit default swap spread narrowed to 145-150bp from 169bp last week, and Mizuho was
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