BP Swaps Fall, Apache’s Rise on Alaska Asset-Sale Speculation
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The cost to protect BP Plc’s bonds against default fell for a ninth straight day on speculation the company may succeed in halting the biggest oil spill in U.S. history this week and as it negotiates the sale of assets in Alaska.
Credit-default swaps on London-based BP dropped to the lowest since June 8, losing 36.5 basis points to 334 at 4:30 p.m. in New York, and contracts on Apache Corp. gained 14.9 basis points to 104.9, according to CMA DataVision prices. BP is in talks with Apache to sell assets, including its Alaska business, for less than $12 billion, two people familiar with the discussions said.