Credit Markets Update: telecom spreads rally in strong US equity market

For telecom operators, the cost of five-year protection came in with spreads 10bp tighter across the board. “We are seeing a general tightening trend due to higher levels of optimism, and profit announcements from blue chips,” said Brett Golledge, head of corporate credit trading at Commerzbank.

Ford released better than anticipated results on Wednesday. Despite an $800 million first-quarter net loss, Ford said for the first time that it may see a profit this year. And General Motors reported a

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