GRAPHIC-Bets on potential mining defaults surge on worsening sector outlook [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
GRAPHIC-Bets on potential mining defaults surge on worsening sector outlook * GRAPHIC: reut.rs/2XhBwYj * GRAPHIC: reut.rs/2UNdsLu By Zandi Shabalala LONDON, April 7 (Reuters) - The cost of insuring against potential debt default by mining companies has risen to the highest in five years on mounting fears of recession, demand destruction and shutdowns to contain the spread of the coronavirus. Commodity group Glencore’s five-year credit default swaps (CDS) - which traders use as a hedge against uncertainty - were up at 443 basis points on Tuesday from 190 bps at the end of February, data from information provider IHS Markit showed. Those of Anglo American rose to 274 bps from 137 bps over the same period as the virus disrupts businesses and global supply chains, while demand slumps. Both were above Markit’s main index of investment grade corporate CDS, which was at around 100 bps from 64.50 at the end of February. Glencore’s relatively higher debt has driven the jump in its debt insur
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