Industrials strengthen but US financials weaken on CDS markets
Five-year senior credit default swap spreads on the US pharmaceutical manufacturer Schering-Plough, which announced its takeover by its rival Merck today, contracted 53.64 basis points to 128.36bp by 17.00 London time today, according to data from credit information specialist CMA Datavision. GE Capital, the beleaguered finance arm of General Electric, announced today that it would sell $8 billion in bonds backed by the Federal Deposit Insurance Corporation in order to strengthen its capital
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