(Bloomberg) -- Altadis SA credit-default swaps fell after financial Web site Bolsacinco reported that the Spanish maker of Gauloises cigarettes and Cohiba cigars rebuffed an offer to sell the company to private equity investors.
Contracts based on 10 million euros ($13.6 million) of Altadis debt dropped 10,000 euros to 74,500 euros, according to Deutsche Bank AG. Earlier the credit derivatives fell as low as 64,500 euros. Credit-default swaps are based on corporate bonds and used to speculate on a company's creditworthiness.
Read more at Bloomberg Bonds News
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