Equities rally brings in cost of US and European debt protection

The bearish sentiment reached a crescendo last week as five-year Ford debt protection saw bids of nearly 700 basis points over Libor. “We have seen a lot of the much wider credits come in a lot since Friday,” said a head of credit derivatives trading in London today.

Five-year credit protection for Ford has now tightened back to 500bp. Positive sentiment in the auto sector was further boosted by better-than-expected profits from General Motors. Five-year credit protection for General Motors came

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