January 3, 2019 / 4:48 PM / a month ago

Cost to insure Bristol-Myers debt hits highest since 2010

NEW YORK, Jan 3 (Reuters) - The cost to insure Bristol-Myers Squibb debt hit its highest point since 2010 on Thursday, following the announcement that the U.S. pharmaceutical company would acquire rival Celgene Corp in a deal worth $74 billion.

The credit default swap associated with Bristol-Myers bonds was priced at 59.43, the highest since May 2010. Long-dated Bristol-Myers bonds were falling while Celgene’s debt rallied.

Reporting by Kate Duguid Editing by Nick Zieminski

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