CDS spreads on automakers widen after bail-out rejected
The cost of credit protection on US and European car manufacturers rocketed in early European trading today following the US Senate's rejection of a $14 billion rescue package for the US auto industry.
In Europe, spreads on Porsche and Renault widened over 100bp from 718.8bp to 862.5bp and from 459.4bp to 561.7bp, respectively, at 10:30am GMT today, which were rises of 143.7bp and 102.4bp.
CDSs referencing BMW widened 88
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