Banks' CDS spreads narrow
Market sentiment improved towards European and US financials in European and Asian trading today.
Five-year senior credit default swap (CDS) spreads referencing Morgan Stanley moved in from 211.8 basis points at Friday's New York close to 191bp at 2.40pm BST today, according to data provided by credit information specialist CMA Datavision. Spreads on Citi tightened to 319.2bp from 326.9bp.
Other Wall Street firms also fared well in trading today, as CDSs on Bank of America were trading tighter at 124.6bp from 136.4bp, while spreads on Merrill Lynch moved in to 190.4bp from 198.2bp. CDSs also
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