Traders Bet More Companies Are Going Bust

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Alongside the swooning market, Credit default swap prices are popping higher, betting that a V-shaped recovery bends into more of an L, causing more companies to go bust.

Bloomberg: Contracts on the Markit CDX North America Investment-Grade Index, linked to 125 companies in the U.S. and Canada, jumped 4.5 basis points to a mid-price of 121.5 basis points at 9:42 a.m. in New York.

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