After credit markets was spooked by an analyst’s report which said Glencore may be worthless if commodity prices remain where they are, Glencore bond yields and credit default swap prices blew out to unprecedented levels. At the height of its woes its CDS profile looked like this – the cost to insure against a default in 12 months hit 1250bps or 12.50%: Westpac said the above profile suggested “a...