CDSs widen on European auto industry

Alastair Marsh
29 Jan 2009

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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.

The cost of credit protection also rose today on French firms Renault and Peugeot to 345.2bp and 345.8bp from a shared spread of 327.5bp yesterday.

In the financial sector, credit protection on Mizuho Corporate Bank fell to 95bp from 105bp, while CDSs on European banks Barclays and Credit Suisse moved out to 163.1bp and 149bp from 152bp and 136.3bp.

CDSs on UK-based mining group Rio Tinto, which today announced a 632% rise in profits on 2007 in its end-of-year results, tightened 50.8bp to 743bp from 793.8bp.

Credit protection on Australian construction giant Westfield moved in 50bp to 740bp from 790bp, while protection costs on Australian-based property group Lend Lease Corporation tightened to 693.1bp from 740bp.

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