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Citi CDS tighten after bailout -CMA
LONDON |
LONDON Nov 24 (Reuters) - The cost of protecting Citigroup Inc's (C.N) debt with credit default swaps fell on Monday after the U.S. government agreed a bailout plan for the bank.
Five-year CDS on Citigroup tightened by 19 basis points to 481.75 basis points, or $481,750 a year to protect $10 million of debt, according to data from CMA DataVision.
Under the deal the U.S. government will shoulder most of Citi's potential losses on $306 billion of high-risk assets, inject $20 billion of new capital on top of $25 billion it just put into the bank, and receive preferred shares with an 8 percent dividend [ID:nN23478485].
(Reporting by Natalie Harrison)
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