TRADE IDEA-Sell Tata Motors 3-yr CDS - Nomura


HONG KONG, April 30 (Reuters) - Nomura International has recommended its clients sell protection on debt issued by India's Tata Motors , saying concerns about the vehicle maker's ability to refinance its borrowings are exaggerated. Tata Motors 3-year credit default swaps (CDS) trading at 19 points upfront imply a default probability of 41 percent, compared with 32 percent for the high-yield names in the iTraxx Asia ex-Japan index, Nomura said. "We believe the current CDS levels imply an ...

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