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JP Morgan Chase's CDS spread narrows after results

7/13/12 11:18 AM ET (MarketWatch)

SAN FRANCISCO (MarketWatch) -- Debt insurance, also known as credit default swaps, for J.P. Morgan Chase & Co. fell on Friday following the release of its quarterly results, according to data from Markit. The spread on CDS for J.P. Morgan Chase narrowed to 125 basis points from 129 bps on Thursday after the bank reported a $5 billion profit in the second quarter, despite a $4.4 billion loss on synthetic credit derivatives. The CDS spread on Wells Fargo & Co. also narrowed to 89 bps from 93 bps after the San Francisco-based bank said its quarterly profit rose to $4.62 billion from $3.95 billion in the same period a year earlier. Debt insurance for other major U.S. banks such as Citigroup and Goldman Sachs Group Inc. were similarly lower.