Continental CDS move to upfront status

Newswire

LONDON, Nov 26 (Reuters) - Debt protection costs on tyres and auto parts maker Continental jumped sharply on Wednesday, making it the second company to trade upfront in the European investment grade credit derivative index. The move was driven by plans by privately owned Schaeffler Group to sell stakes of 10 to 20 percent in Continental [ID:nLQ671527]. Trading upfront means the perceived risk of default is so high that most of the cost of buying protection is covered by a down-payment ...

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