CDSs tighten on European auto industry
The cost of credit protection on European auto manufacturers fell this morning, while rising to record highs on Japanese corporates.
Five-year senior credit default swap (CDS) spreads referencing two German car makers, Munich-based BMW and Stuttgart-based rival Daimler, moved in by 3:45pm today to 255bp and 255.4bp from 288.1bp and 289.9bp at close of trading yesterday, according to data from credit information specialist CMA Datavision.
In France, CDSs on Peugeot and Renault tightened to 339.5bp and 340.7bp from 383.1bp and 378.9bp, while CDS protection on Swedish vehicle producer Scania fell to 266.1bp from 298.3bp.
CDSs on
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