CDSs on US banks tighten on JP Morgan profit
NEW YORK - The cost of credit protection on major US banks fell on Thursday (April 16) in the wake of JP Morgan posting a first-quarter profit of $2.1 billion.
Five-year credit default swap (CDS) spreads referencing Citi - which, along with Bank of America, has received $45 billion of US government capital since October 2008 - tightened from 556.9 basis points on Wednesday night to 530.5bp at close of trading on Thursday, according to data provided by credit information specialist CMA Datavision
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