Credit Swaps in U.S. Climb Most in Four Months on Spain Concerns
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A benchmark gauge of U.S. company credit risk jumped by the most in about four months as Spanish bond yields rose amid investor concern that the country may need international aid.
The Markit CDX North America Investment Grade Index of credit-default swaps, which investors use to hedge against losses on corporate debt or to speculate on creditworthiness, climbed 4.5 basis points to a mid-price of 97.1 basis points at 4:47 p.m. in New York, the biggest increase since Dec. 8, according to Markit Group Ltd.