Intel's debt default insurance costs hit a record high

The cost of Intel's debt default insurance has surged to a record high. The company warned that due to the weak PC market, there will be a net cash outflow this year.

Markit data shows that Intel's 5-year credit default swap spread widened by 17.5 basis points, reaching a record 124.75 basis points, and is expected to record the largest single-day increase since October 2022.