MARKET TALK: BP Yields Rise As Testimony Continues

1:35 (Dow Jones) BP's bond yields remain higher on the day, although CDS spreads have widened after news that the oil giant is seeking to raise between $5B-$10B from Wall Street banks. The most active BP bond is the 1.55% note due August 2011. The note was quoted at 5.90PP over Treasurys as of 1:01 p.m. EDT, 0.19PP wider on the day. BP's CDS was quoted at 465BP as of 12:52 p.m. EDT, equivalent to $465,000 to cover $10M of debt each year for five years, according to Markit. BP's CDS was quoted as tight as 400BP this morning. On the day, BP's CDS is 149 BP tighter after closing Wednesday in the at 614BP. (christopher.dieterich@dowjones.com) Call us at (212) 416-2181 or email paul.vigna@dowjones.com Visit the Market Talk blog at http://www.djnmarkettalk.com (END) Dow Jones Newswires June 17, 2010 13:35 ET (17:35 GMT)