CDSs widen on European auto industry
The cost of credit protection on European auto manufacturers rose in early European trading today, reversing gains made yesterday, while Japanese corporates continued to suffer.
Five-year senior credit default swap (CDS) spreads referencing Daimler moved out to 270bp at 11:00am today from 250bp at close of trading in New York yesterday, according to data from credit information specialist CMA Datavision.
CDSs on fellow German car makers Porsche and BMW widened to 561.7bp and 268.6bp from 543.6bp and 251.5bp, while spreads on Volkswagen moved from 192.8bp to 206.7bp.
Spreads on Swedish automakers Volvo and Scania widened to 432.5bp from 420bp and to 284.6bp from 267.5bp.
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