Robert McAdie, head of global credit strategy at Barclays Capital, warned that there are still risks in the auto sector despite US car manufacturer General Motors selling a $14bn (€11.6bn) stake in its finance arm to a private equity consortium earlier this week.

US private equity group Cerberus Capital Management led a consortium, which included Citigroup and Aozora Bank, to buy a 51% stake in General Motors Acceptance Corporation. The sale of GMAC was seen as a key part in the US car maker's turnaround strategy, and approved by the company's board on Sunday.