Over the past week, CDS prices (the cost of insuring a five year bond against default) have corrected significantly on easing European worries:
This pricing suggests the banks could now issue unsecured debt in the range of 160bps over swap, which is a long way down from last week.
Of course, over the longer term the picture remains downright terrifying with a monster up trend still intact since the GFC began in 2007:
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