Corporate Bond Risk Falls in Europe, Credit-Default Swaps Show
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The cost of protecting European corporate bonds from default fell, according to traders of credit-default swaps.
Contracts on the Markit iTraxx Crossover Index of 50 companies with mostly high-yield credit ratings declined 9 basis points to 456, according to Markit Group Ltd. at 7:16 a.m. in London. The index is a benchmark for the cost of protecting bonds against default and a decline indicates improvements in the perception of credit quality.