Financial credit default swap spreads narrow-Phoenix

NEW YORK, Oct 14 (Reuters) - Financial credit spreads were broadly tighter in early trading on Tuesday as global stocks rallied on the latest U.S. government plan to shore up financial markets by injecting capital into banks.

Five-year credit default swaps of Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) fell to 375 basis points, or $375,000 a year to protect $10 million of debt, down from 400 basis points before U.S. Treasury Secretary Henry Paulson presented the latest plan, according to data from Phoenix Partners Group.

Credit default swap spreads for Wells Fargo (WFC.N: Quote, Profile, Research, Stock Buzz) also fell to 80 basis points on Monday and Countrywide Financial dropped to 100 basis points following a market close on Monday.

Five-year credit default swap spreads for Hartford Financial HIG.N narrowed to about 756 basis points, or $756,000 a year to protect $10 million of debt, from about 901 basis points at the last close, Markit Intraday data showed.

Insurer MetLife Inc (MET.N: Quote, Profile, Research, Stock Buzz) five-year CDS narrowed to 628 basis points on Tuesday from about 781 at the last close. Both insurers traded on an upfront basis last week, an indication of investors' raised perception of default risk. (Reporting by Walden Siew; Editing by James Dalgleish)