SpaceX credit derivatives start to trade after debut bond sale

Credit-default swaps tied to SpaceX have begun actively trading after the company raised $25 billion in its debut high-grade bond sale on Tuesday. Major Wall Street dealers are making markets on the swaps, with five-year protection pricing at around 1.255 percentage points annually, roughly double the cost for similarly rated Intel Corp. at about 0.64 percentage points. SpaceX 10-year notes widened to a 1.57 percentage point spread over Treasuries by Thursday from 1.4 at launch, indicating some selling pressure.