So much attention these days—and justifiably so—has been squarely focused on the woes of the automobile sector: 30-year GM paper was quoted as wide as 700 basis points over Treasuries in mid-April, according to MarketAxess, with much of the company’s paper trading at the triple-C level. So this month we decided to take a step back and look at some of the technical issues surrounding a downgrade of GM to junk, a scenario that the secondary market has already taken well into account.

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