This isn't monumental news. But anything that helps GM's cost of funding is a good thing for the company.

While we give GM a 'B' for effort, this news is not as compelling as it sounds.

This company has a long way to go. It is a marathon, not a sprint. To buy these bonds you have to be in it for the long haul. It is very possible they will trade down before they trade up.

This tells us what we already know, that this is a company in deep trouble. Their GM business is falling away so fast that their non-GM growth cannot compensate for that.

If the situation is coming apart quicker than expected, you can blame it on liquidity and management's inability to communicate and tell a good story.

We'd like to see Lear's bonds get cheaper before we jump in.