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12-02-2008, 03:32 PM #1
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Bond Risk Surges to Record on Concern Slump ‘Too Hard to F
Bond Risk Surges to Record on Concern Slump ‘Too Hard to Fix’
By Aaron Pan and Abigail Moses
Dec. 2 (Bloomberg) -- The cost of protecting corporate bonds from default soared to a record on concern central banks are reaching the limit of what they can do to ease the severity of the global economic recession.
Credit-default swaps on the Markit iTraxx Crossover Index of 50 companies with mostly high-risk, high-yield credit ratings increased 18 basis points to 956, according to JPMorgan Chase & Co. prices at 9:36 a.m. in London. The Markit iTraxx Europe index of 125 companies with investment-grade ratings climbed 3.5 basis points to 191.5 and earlier traded at a record 198.
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