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From Puerto Rico to Greece, Credit Traders Put on the Defensive

By Tony Seruga

A day before debt traders closed the books on the first half of 2015, the dual threats of default by Greece and Puerto Rico spurred them into defense mode.

Trading in insurance-like contracts surged to the most in at least three months on Monday as investors and banks sought to preserve what little gains they still had for the year. The biggest exchange-traded fund that buys junk bonds dropped to the lowest level since December. And measures of credit risk in both Europe and the U.S. jumped…

From Puerto Rico to Greece, Credit Traders Put on the Defensive

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