[FLASH] CoreWeave falls 11.9% as five-year CDS hits a record near 1,195bp and 2031 notes yield above 15%
CRWV closed at $61.39 on Oct 16, down 11.91% (Motley Fool). The Fool says the stock ended the week down about 25%. Its five-year CDS hit a record intraday level of about 1,194.5bp, which 24/7 Wall St. says implies roughly 60% odds of default within five years. Its 2031 notes traded near 79–80 cents, yielding about 15.6–16.2%. Reported debt and lease obligations are about $52B, and 24/7 notes second-quarter net interest expense of $640M was larger than the $626M net loss. Reuters ties the bond selloff, with yields above 15%, to wider worries about AI-infrastructure leverage. Next to watch: the cost of new or refinanced borrowing, and whether the stress spreads to other neocloud and data-center credit.