BP, Transocean, Anadarko CDS hit record highs

NEW YORK, June 2 | Wed Jun 2, 2010 10:56am EDT

NEW YORK, June 2 (Reuters) - The cost of insuring the debt of BP Plc (BP.L), Transocean (RIG.N) and Anadarko Petroleum Corp (APC.N) hit fresh highs on Wednesday as concerns grew about the companies' exposure to the oil spill in the Gulf of Mexico.

Credit default swaps protecting BP's debt jumped 87 basis points to a record 255 basis points, or $255,000 per year to insure $10 million for five years, according to Markit Intraday. The swaps have jumped from around 100 basis points last Friday and 42 basis points in April.

Transocean's debt protection costs also surged, rising 183 basis points to a record 590 basis points while Anadarko's credit default swaps jumped 103 basis points to a fresh high of 430 basis points, Markit data show.

Halliburton's credit default swaps also increased 35 basis points to 157 basis points, Markit said. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)

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