BUZZ — Cost to insure Skydance debt hits record high after Warner Bros takeover

* Skydance corporate bonds have lost around 3 cents on the dollar since October 2, when it started to trading * The 2031 maturity last traded at 97.94 cents, as per Tradeweb data * Paramount Skydance completed its blockbuster $110 bln takeover of Warner Bros Discovery on October 6, with new co named Skydance * Combined co carries debt of about $80 bln * Both Fitch and S&P Global see Skydance's credit rating at "BB", which places it under the "junk" category * 5-year credit default swaps (CDS) hit an all-time high of 576 bps, according to S&P Global Market Intelligence data * The current levels of CDS implies a default probability of 39.5%, 60 premarket (Reporting by Shashwat Chauhan in Bengaluru) ((Shashwat.Chauhan@thomsonreuters.com)