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U.S. credit default swaps fall as debt ceiling talks progress

2023-05-26 16:53
The cost of insuring exposure to U.S. government debt dropped on Friday as U.S. President Joe Biden and
U.S. credit default swaps fall as debt ceiling talks progress

The cost of insuring exposure to U.S. government debt dropped on Friday as U.S. President Joe Biden and top congressional Republican Kevin McCarthy were closing in on a deal that would raise the U.S. debt ceiling.

The 6-month credit default swap dropped 13 basis points from Thursday's close to 212 basis points, data from S&P Global Market Intelligence showed.

The one-year credit default swap dropped 9 basis points, while the most commonly used five-year credit default swap was down one basis point, the data showed.

(Reporting by Yoruk Bahceli; Editing by Amanda Cooper)