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CDS have Porsche's 911 in reverse

|Includes: BGM, F, GM, GMS-OLD, GMW, HGM, POAHF, TM, Volkswagen AG (VLKAF), VLKAY
Credit default swaps on Porsche Automobil Holding company are being quoted around 119 basis points (or 9-11 in reverse) after its new takeover parent, Volkswagen, announced details of an upcoming secondary share offering. The 4 billion euro sale is already pre-placed and one of Europe's largest in recent times. The offering is seen as a positive sign for both European markets and other auto issuers like Ford, GM and Toyota - which Volkswagen aims to beat.

Disclosure: long all stocks