MARKET TALK: BP CDS Move Tighter With Stronger Credit Market

11th Jun 2010 09:23

0823 GMT [Dow Jones] BP (BP.LN) 5-year credit default swaps are at 420 bps Friday, 28 bps tighter from Thursday's close, according to Markit, as the iTraxx indexes and most other European high grade corporates tighten too. Thursday's intraday wide was 590 bps, according to Deutsche Bank. Following the bank bailouts of 2008, President Obama's criticisms of BP prompt Jim Reid, credit strategist at Deutsche, to ask "whether this is indicative of the world we live in post the financial crisis. Are politicians now much more likely to force companies to take the financial and reputational hit when things go wrong and when revenue needs to be raised?" ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 11, 2010 04:23 ET (08:23 GMT)