BP Complaints

RIG CDS Market 500/550, +100bps On The Day, All Time Wides
Following yesterday’s announcement that the US has asked a federal judge in Houston to reject a bid by Transocean Ltd. to cap its liability in the explosion of the Deepwater Horizon and resulting spill at million, Transocean is literally falling apart. Its CDS level has surged by over 100 bps today, with a market so wide at 500/550 it may need a few HFT quants to narrow it. As we commented …
Read more on Zero Hedge

.