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CDS spreads tighten further on US financials

The cost of credit protection on US banks fell in early European trading today.

    • Alastair Marsh
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Wells Fargo said today that it expects a first-quarter profit of approximately $3 billion, partly due to a larger-than-expected gain from its acquisition of Wachovia. Five-year senior credit default swap (CDS) spreads on the bank tightened to 260.5 basis points at 2:30pm BST today from 286.1bp at close of trading yesterday, according to data from credit information specialist CMA Datavision. Spreads on Bank of America moved in to 295.8bp from 319.5bp.

Sentiment also improved towards Merrill Lynch

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