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Kobe Steel Debt Risk Recedes

Credit default swaps drop to two-week low as clients confirm product safety

Kobe Steel Ltd.’s bond risk has fallen to a two-week low after the steelmaker said roughly 80 percent of its clients have confirmed the safety of its products,reducing investor concern about its fake-data scandal. The Japanese company’s credit-default swaps dropped to 226 basis points on Oct. 27, the lowest since Oct. 12, after rising as high as 385 earlier in the month, according to CMA data. That pushes it below the level of Toshiba Corp., which is itself dealing with an accounting scandal.

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