CDS spreads widen on automakers
The cost of credit protection on Japanese automakers fell in European trading today, while also dropping on US and European financials.
Five-year senior credit default swap (CDS) spreads referencing Toyota Motor Corporation moved in from 135 basis points at yesterday's New York close to 110bp at 3:00pm BST today, according to data from credit information specialist CMA Datavision.
Spreads referencing Honda Motor Corporation narrowed 25bp to 120bp, while CDSs referencing German car manufacturer Porsche tightened 59.21bp to 320.26bp.
In the financial sector, CDS spreads moved in on Morgan Stanley to 234.7bp from 251.3bp, while CDSs
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