Cost of protection for Sears surges following poor earnings

The earnings statement sent its stock price plunging 32% to a 12-year low, and rating agency Fitch quickly placed the company on negative watch. The credit was priced at 300/340bp in the credit default swap one week ago. It tightened back to 250bp-mid earlier this week as renewed positive sentiment accompanied the rally in global equities. Only two weeks ago five-year protection was priced at 160/170bp.

Volatility was also seen in US autos this week as Standard and Poor’s downgraded General

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