CoreWeave's 2032 unsecured notes sank below 80 cents on the dollar as five-year credit default swap spreads nearly doubled, from 368 to 643 basis points, in a single week this October.
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CoreWeave bonds exceed 15% profitability and fall into levels associated with financial difficulties. The company, backed by Nvidia and linked to the OpenAI business, faces new doubts about its indebtedness while Nasdaq recedes and Dow Jones better resists Wall Street falls.