Credit Markets Update: Spreads narrow as outlook turns positive

For example, the cost of five-year protection on Philips Electronics tightened by 5-7 basis points, to 75bp, after it surprised the markets today by announcing a €9 million first-quarter profit. The statement by the Dutch consumer electronics group, which made a record loss last year, gave the technology sector a welcome boost.

The cost of protection on General Motors narrowed 10-15bp, with bid/offers at 120-125bp, after it posted a healthy $467 million first-quarter profit on Tuesday and ra

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