Continental bonds rally after Schaeffler stake sale

Newswire

LONDON, Sept 25 (IFR) - German car parts and tyre maker Continental's bonds and credit default swaps rallied on Tuesday on expectations that the company will soon be lifted to investment-grade after major shareholder Schaeffler said it would reduce debt in the company. German automotive parts supplier Schaeffler reaped around EUR1.6bn from a 10.4% share sale of its partner Continental for 77.50 euros each on Tuesday. The proceeds from the sale will go entirely to reducing just ...

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