GMAC's CDS tighten to 16 pct from 21.5 pct-CMA

Newswire

NEW YORK, Dec 30 (Reuters) - The cost of insuring GMAC's debt with credit default swaps fell on Tuesday after the government committed $6 billion in support to the finance company. GMAC's five-year credit default swaps traded at 16 percent upfront on Tuesday, plus 500 basis points annually, in from 21.5 percent upfront plus 500 basis points a year late on Monday, according to data from CMA DataVision. That means it costs $1.6 million in upfront payments to insure $10 million of GMAC's ...

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