US CREDIT-Investors wrestle with ResCap value

Newswire

NEW YORK, June 22 (Reuters) - Investors are still working out how Residential Capital Corp.'s bonds should be priced relative to the company's credit default swaps, but some analysts believe the gap is currently too narrow. The new General Motors Corp. unit managed to win investment-grade ratings despite its parent company's junk status, and also managed to attract $17 billion of orders for the $4 billion of bonds it sold on Tuesday. Part of what drew such intense investor demand was the ...

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