CDS spreads move on automakers

Five-year senior credit default swaps (CDSs) referencing Seoul-based Kia Motors moved in to 285 basis points at 3.45pm BST today from 305bp at close of trading in New York yesterday, according to credit information specialist CMA Datavision. Spreads on Peugeot, which on June 23 announced a €500 million convertible bond offering, widened 25.09bp to 398.49bp.

The cost of credit protection fell on Chinese banks today. CDSs on state-owned Bank of China tightened 10.68bp to 112.57bp, while CDSs on Chi

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