CDS spreads widen on US banks
The cost of credit protection on US financials rose in Asian and European trading today following President Obama's reform plans, unveiled yesterday.
CDSs on Merrill Lynch moved out to 290.7bp from 283.8bp, and spreads on JP Morgan widened to 108.9bp from 106.5bp, while CDSs on Morgan Stanley were trading wider at 227.7bp from 222.9bp.
Spreads on Wells Fargo, which
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