Mixed morning for financials in CDS market

Five-year senior credit default swap (CDS) spreads referencing Wachovia moved in to 220 basis points at 15:30pm London time today (10.30 am New York time) from 234.4bp at close of trade in New York yesterday, according to data from credit information specialist CMA Datavision.

CDSs on JP Morgan tightened to 170.7bp from 182.4bp on rumours that the bank made a $5 billion profit on its fixed-income derivatives business in 2008.

In the UK, CDSs on Lloyds widened to 192.7bp from 179.8bp, while spreads

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