1542 GMT [Dow Jones] Hedge funds and other investors have been shorting BP and Anadarko Petroleum bonds in the cash market as opposed to the more traditional route of buying credit default swaps on the companies' debt. According to Will Duff Gordon, senior researcher at Data Explorers in London, the shorting picked up in early June before the Moody's downgrade. "The question is whether they will either cover now, if they think there is a further downgrade and will keep their shorts on," he said. Between June 2 and June 7, shorting in BP's 4.75% bond due 2019 soared from 2.5% of its roughly $1 billion issue value to 22.5%. Currently it is at 24%. Shorting in Anadarko's 8.7% bond due 2019 is around 20% of the $600 million issue value. (katy.burne@dowjones.com) Contact us in New York. Darlene Ross, 212 416-2166; darlene.ross@dowjones.com (END) Dow Jones Newswires June 29, 2010 11:44 ET (15:44 GMT)