03 August 2016 by lberuti
Even if daily changes were minimal today, there was a bit of volatility. After a cautious opening that pushed credit indices wider, the rest of day was spent grinding back to yesterday’s closing level, leaving the market with a positive tone at the close. A few stories also contributed to the better tone, among them the news than SAMSNG ( Samsung Electronics Co Ltd ) would be in advance talks to buy some or all of FIAT’s ( Fiat Chrysler Automobiles NV ) auto-parts unit Magneti Marelli in a deal that could be worth in excess of $3Bln. While the results published last week or the US sales figures released yesterday failed to trigger any genuine excitement among credit investors, the perspective of a lower debt pile helped them send FIAT’s 5-year-risk-premium 18bps tighter at 399bps.