Create a free Manufacturing.net account to continue

BP's bonds tumble, move to distressed debt funds

NEW YORK (Reuters) - U.S. bonds of oil giant BP are moving into the hands of distressed debt investors and hedge funds as pension and mutual funds dump the securities, market participants said on Wednesday.

NEW YORK (Reuters) - U.S. bonds of oil giant BP are moving into the hands of distressed debt investors and hedge funds as pension and mutual funds dump the securities, market participants said on Wednesday.

BP's bonds tumbled and the cost of protecting its debt against default rose amid mounting fears about the company's liability for its Gulf of Mexico oil spill, the worst in U.S. history.

SOURCE

More