CDSs tighten on automakers, sovereigns

Five-year senior credit default swap (CDS) spreads referencing German automaker BMW, which is based in Munich, tightened to 243 basis points at 10:30am London time from 298.1bp at the close of trading yesterday. Stuttgart-based rival Daimler saw spreads move in to 260bp from 309bp, according to data from credit information specialist CMA DataVision.

French auto firms also fared well. The cost of credit protection on Sochaux-based Peugeot dropped to 272.5bp from 322.6bp and spreads on Boulogne

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