Delphi's 6.55% '06 bonds jumped 12 points from 55 to 67 as investors rushed to get hold of bonds to deliver for credit default swap contracts. Investors hurried to deliver bonds because single-name traders would not be included in the protocol that the International Swaps and Derivatives Association was developing. [Delphi's 6.55% '06 bonds were trading at 100.25 last Thursday, according to Markit. The company has not yet emerged from Chapter 11.]
One Year Ago In The Credit Markets
