Right now, Tomkins PLC CDS is spiking in advance of a potential 3 billion pound ($4.6 billion) buyout. The bid for the manufacturing company is from a consortium including U.S. private equity firm Onex and the Canadian Pension Fund.
Note the impact of the potential leveraged buyout on Tompkins debt and equity.
Here’s what the CDS did in response (from CMA Datavision):
And here’s what Tomkins did in the equity markets: