Cost of protecting debt against default hits record high

12/2/2008 | Financial Times (free content)

Concerns about a recession and the world economy sent the cost of protecting bonds from default to an all-time high this week. Weakening manufacturing figures throughout Europe, the U.K., China and the U.S., as well as slumping equity markets, have hit credit default swaps. The iTraxx Crossover index reached a record high of 934 basis points.

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