Metlife credit default swaps start trading upfront

NEW YORK, Oct 9 (Reuters) - Metlife Inc's (MET.N) credit default swaps on began trading on an upfront basis on Thursday, indicating perceptions that its credit quality is considered distressed.

The cost to insure Metlife's debt rose to around 10.5 percent the sum insured as an upfront sum, or $1.05 million to insure $10 million in debt for five years, in addition to annual premiums of 5 percent, according to Markit Intraday.

The swaps had closed on Wednesday at a spread of around 717 basis points, or $717,00 per year for five years to insure $10 million in debt, according to Markit. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)