UPDATE 2-GM bonds rise, default swaps narrow on labor deal


(Adds background, Ford and GMAC credit default swaps) NEW YORK, Sept 26 (Reuters) - Bonds of General Motors rose on Wednesday after the automaker reached a tentative deal to end a strike at GM, raising hopes that Detroit's automakers would soon slash their health-care costs. GM's 8.375 percent bond due in 2033 rose 2.25 cents on the dollar on Wednesday to 89 cents, from 86.75 cents on Tuesday, according to MarketAxess. "It's a very positive step that they've come to an agreement," said ...

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