US CREDIT-Lear swaps tighter, may improve further

Newswire

By Karen Brettell NEW YORK, Oct 27 (Reuters) - Lear Corp.'s credit default swap spreads have rallied 30 percent in the past month and may still have room for further gains, but the auto parts supplier's bonds may have already priced in any future credit improvement. The cost to insure Lear's debt with credit default swaps has fallen to 376 basis points, or $376,000 per year for five years to insure $10 million in debt, from 543 basis points a month ago. One reason for the improvement ...

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