Investors dial-up Nokia swaps

While Nokia’s ADR shares have had their best weekly gain in about 2 decades (rising from a low of $1.69 on July 17th, 2012 to its current level around $2.38), Bloomberg mentions how, The cost of insuring Nokia bonds using credit-default swaps has declined, falling 15 percent since the record high on July 18.
To put numbes to that, Nokia 5-year Euro denominated CDS have fallen from their highs above 1200 bps to their current levels in the mid-900 bps range. At the beginning of the year, Nokia CDS were under 400 bps.
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