Earlier today, the CDS on the banking sector, the Markit iTraxx Financial index of 25 European banks fell 5 bps to 88 bps on hopes that there would be a Lehman takeover. Also, the CDR Counterparty Risk index rose 9.1 bps to 190.75 bps today, according to Bloomberg, the highest since the Bear Stearns collapse, where the index topped out at 250.09 on March 14.
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