CDS spreads tighten on French automakers

French auto manufacturers were trading significantly tighter in intraday trading today after the government provided credit guarantees worth €779 million ($1071.9 million) to two of the country's biggest firms.

Renault, which split the sum with Peugeot, was amongst the biggest percentage movers today. Five-year senior credit default swap (CDS) spreads referencing the firm moved in to 450 basis points at 4.00pm London time, a change of 37bp from the close of trading yesterday. The cost of protection on Peugeot fell to 438.1bp from 468.9bp following the announcement.

Meanwhile, spreads on German auto firm Daimler also tightened significantly, moving in to 441.4bp from 471.6bp yesterday.

Bank of Ireland saw

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