Citigroup's CDS tighten 55 bps to 585 bps-Phoenix

NEW YORK, March 10 (Reuters) - Citigroup's credit default swaps tightened on Tuesday after its chief executive said the bank was profitable in the first two months of 2009 and is confident about its capital strength.

Citigroup's (C.N) five-year credit default swaps tightened by about 55 basis points to about 585 basis points, according to data from Phoenix Partners Group. That means it costs $585,000 a year to protect $10 million of Citigroup debt for five years. For details click on [ID:nLA390055]. (Reporting by Dena Aubin) (dena.aubin@thomsonreuters.com; +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))