Auto sales numbers disappoint, but spreads tighten

Disappointing May auto sales from General Motors and Ford did little to rattle the credit markets yesterday, with spreads on credit default protection for the beleaguered automakers actually tightening on the day. While GM and Ford posted 12.7% and 5.8% sales declines respectively, spreads on five-year CDS tightened 37 basis points and 21bp.

Gavan Nolan, analyst at data provider Markit, says the tightening can be attributed to a broader market rally: “The credit markets took their cue from

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