Fiat credit protection costs rise on rescue plan

Newswire

LONDON, June 26 (Reuters) - The cost of insuring Italian automaker Fiat's debt against default rose on Thursday after the group announced a new rescue plan that market participants said could benefit banks more than bondholders. Traders quoted five-year credit default swaps on Fiat bid at 650 basis points, up around 100 basis points from Wednesday, meaning it now costs 650,000 euros a year to insure 10 million euros of the company's debt against default. "The news is still coming out, ...

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