UPDATE 1-General Motors CDS rally on results - traders


(Adds cash bond price, further details, background) LONDON, July 26 (Reuters) - The cost of insuring debt of U.S. automaker General Motors Corp. against default fell sharply on Wednesday after the company reported forecast-beating second-quarter results, traders in London said. Five-year credit default swaps on General Motors fell around 50 basis points to 700 basis points, the traders said, the lowest level in nine months. This means it costs 700,000 euros to insure 10 million euros of ...

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