General Motors witnessed the biggest improvement in five-year credit default swap spreads last week, tightening by 99 basis points, according to Markit. This follows the upgrading of the automaker’s shares by US bank Keybanc Capital Markets.
Keybanc based its upgrade on the expectation of a June resolution of the Delphi industrial dispute. Ford’s spreads rallied in sympathy with GM and have reached their tightest levels since April, at 868bp. The other best performers were Japan Airlines, af
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