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WaMu debt protection costs hit record-Markit
September 9, 2008 / 2:15 PM / 9 years ago

WaMu debt protection costs hit record-Markit

NEW YORK, Sept 9 (Reuters) - The cost to insure the debt of Washington Mutual Inc (WM.N) hit a new record on Tuesday, a day after the U.S. savings and loan ousted its chief executive and was put under special regulatory supervision.

WaMu’s credit default swaps jumped to 31.5 percent on an upfront basis, meaning it costs $3.15 million to insure $10 million in debt for five years, in addition to annual payments of 500 basis points, or $500,000, according to Markit Intraday.

The swaps closed at 29.94 percent on Monday, Markit data showed.

Reporting by Karen Brettell;Editing by Chizu Nomiyama

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