Ahold credit protection trading on upfront-only basis

On Monday the group disclosed "significant accounting irregularities" in its US operations of more than $500 million. Prior to Monday’s development, credit protection for BBB-rated Ahold was priced at around 200 basis points-mid. Five-year credit default swaps widened by around 500bp to 700/800bp.

S&P downgraded the group two notches to BB+. Moody’s followed suit with a four-notch downgrade of the senior unsecured debt to B1 yesterday.

Credit derivative traders in London said intense activity by

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