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These are what we refer to as credit default swap rates, and they are similar to fail rates for other stable companies in other industries.

The 6-month credit default swap dropped 13 basis points from Thursday's close to 212 basis points, data from S&P Global Market Intelligence showed.

The one-year credit default swap dropped 9 basis points, while the most commonly used five-year credit default swap was down one basis point, the data showed.

But dear God, this thing is more derivative than a credit default swap.

The spread on the Markit high yield credit default swap index - which tracks the cost to insure high-yield corporate debt and is a proxy for the junk market - went up to over 570 basis points on Monday from 532 on Friday, hitting its highest level since May 2020.