(Bloomberg) -- The perceived risk of owning
corporate debt soared worldwide on concern that the collapse of
two hedge funds run by Bear Stearns Cos. may cause a chain
reaction that sparks losses for other hedge funds and the banks
that finance them.
Credit-default swaps based on $10 million of debt in the CDX
North America Crossover index of 35 companies surged as much as
$10,000 to a nine-month high of $179,000, according to Deutsche
Bank AG. In Europe, the iTraxx Crossover Series 7 Index of 50
European companies jumped as much as 16,000 euros ($21,400) to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank.
Read more at Bloomberg Bonds News
corporate debt soared worldwide on concern that the collapse of
two hedge funds run by Bear Stearns Cos. may cause a chain
reaction that sparks losses for other hedge funds and the banks
that finance them.
Credit-default swaps based on $10 million of debt in the CDX
North America Crossover index of 35 companies surged as much as
$10,000 to a nine-month high of $179,000, according to Deutsche
Bank AG. In Europe, the iTraxx Crossover Series 7 Index of 50
European companies jumped as much as 16,000 euros ($21,400) to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank.
Read more at Bloomberg Bonds News
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