Daimler default swaps down on Mitsubishi news

Newswire

LONDON, April 23 (Reuters) - The cost of insuring against a default by automaker DaimlerChrysler fell on Friday after the company said it would pull out of Japan's Mitsubishi Motors , traders said. Around 0810 GMT, five-year default swaps on DaimlerChrysler were 10 basis points lower on the day at around 85 basis points, they said. That means it costs 85,000 euros annually to insure 10 million euros of debt against default. "I think there's a decent momentum behind the market, and I ...

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