GMAC's CDS narrow after news of Chrysler deal

Newswire

NEW YORK, April 30 (Reuters) - The cost of protecting GMAC's debt with credit default swaps fell sharply on Thursday after the Obama administration said GMAC will provide financing for a reorganized Chrysler. The cost of insuring GMAC's debt fell to 17 percent upfront from 26 percent upfront before the news, plus 500 basis points a year, according to data from Phoenix Partners group. Chrysler LLC will seek bankruptcy almost immediately to complete its restructuring in an alliance with ...

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