The credit market is pricing in a 36% chance BP will default within five years as the oil giant deals with the fallout from the Gulf of Mexico disaster.
The default risk implied by credit default swaps is up from 7% one month ago, according to CMA DataVision prices. BP swaps climbed 70.5 basis points to 576.5 yesterday, Bloomberg reports. BP debt due...
In an environment where yields are so low, costs can make a huge difference to the outcome’
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