MARKET TALK: BP, APC CDS Levels and Bonds Continue Rally

8th Jul 2010 19:54

1847 GMT [Dow Jones] Spreads and credit-default swap levels surged for the BP and Anadarko after the U.S. gov't affirmed expecations that the leaking well could be capped by mid-August, and after a WSJ article citing BP officials who said the company is shooting to fix the leak later this month. BP's CDS traded at 383BP as of 2:30 p.m EDT, 53BP tighter than Wednesday's close, and 37% better than 607BP on June 29. Anadarko's CDS improved 34BP to 569Bp. Demand for BP's 2012 notes drove spreads down 49BP to yield 5.684%. Since the start of July, spreads for the short-term notes have tightened 215BP. Meanwhile, Anadarko's Sept. 2016 notes tightened 19BP to yield 7.595%, 137BP tighter than at the start of July. ([email protected]) Contact us in New York. Darlene Ross, 212 416-2166; [email protected] (END) Dow Jones Newswires July 08, 2010 14:54 ET (18:54 GMT)