UPDATE 1-Cost to insure GM bonds falls on profit news

Newswire

(Adds bond quote, background.) NEW YORK, July 31 (Reuters) - The cost to insure General Motors Corp.'s bonds against default fell sharply on Tuesday after the U.S. automaker reported its net quarterly earnings swung to a profit, market sources said. The cost to insure GM's bonds with credit default swaps fell about 75 basis points to 615 basis points, which means it costs $615,000 annually to protect $10 million of debt for five years. GM's 8.375 percent bonds maturing in 2033 rose ...

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