NEW YORK Aug 23 The cost to insure Bank of
America's (BAC.N) debt in the credit default swap market surged
to a record high on Tuesday as concerns over the U.S. bank's
mortgage liabilities accelerated.
Credit default swap insurance on the bank's unsecured debt
jumped 64 basis points to 435 basis points, meaning it would
cost $435,000 per year for five years to insure $10 million in
bonds, according to Markit.
The bank's CDS previously traded as high as 386 basis points
in March 2009, Markit data show.
(Reporting by Karen Brettell; Editing by Theodore d'Afflisio)