MARKET TALK: BP's CDS At 600BP; Upfront Costs Next

16th Jun 2010 17:15

1602 GMT [Dow Jones] Some dealers are reportedly quoting BP's CDS in upfront points for the first time, according to person familiar with CDS trades. CDS trade upfront when sellers of the CDS want a higher premium due to increased risk of default. BP's CDS level was quoted at 600BP, according to Markit. BP's CDS closed Tuesday at 494BP. Anadarko's CDS was quoted at 711BP, 5BP wider than at 9:30 a.m. EDT; TransOcean's CDS was quoted at 645BP, 7BP tighter than this morning. ([email protected]) Contact us in New York. Darlene Ross, 212 416-2166; [email protected] (END) Dow Jones Newswires June 16, 2010 12:15 ET (16:15 GMT)

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