CoreWeave faces 63% implied default odds in five years

Credit markets put CoreWeave’s five-year default odds at nearly 63%, Reuters reported Oct. 15. Its 9.75% bond due 2031 yielded 15.78%, per CNBC — the annual return buyers demand. Default insurance cost about 1,000 basis points, per Reuters, or $1,000 yearly per $10,000 covered. I see that as the price of fear, not a forecast.