Oil concern fuels buying of credit default swaps

Newswire

By David Wigan LONDON, June 27 (Reuters) - Concern over the soaring price of oil fuelled demand for corporate default protection in Europe on Monday, bankers said, as investors bet that high energy prices may weigh on profits in coming months. Buyers of default protection accounted for 70 percent of volumes on the iTraxx European credit indexes, according to Deutsche Bank, compared with around 60-65 percent on average. Buyers usually outnumber sellers of protection because the credit ...

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