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Teck Resources (Teck Cominco) CDS down 10% today

|Includes: Teck Resources Limited (TECK)

No readily apparent news although talk of the company not being able to renew its permit in Alaska's Red Dog mine began yesterday. The credit default swaps are tighter by almost 20 bps to 165 bps today.

Teck may still be riding off the news of its good quarter about a week ago where they stated the reduced "USD 326 million off its term loan and noted it had pared another USD 400 million since year-end, bringing the term loan balance to USD 1.9 billion. Looking ahead, despite the significant deleveraging management undertook in 2009 (net debt pared from CAD 12.0 billion to CAD 6.6 billion), further debt reduction is likely to remain management's number one priority, ranking ahead of a prospective reinstatement of the dividend. With commodity prices at attractive levels and proceeds from the Waneta hydro stake sale expected to arrive before the end of the month, Teck should have little difficulty in this endeavor."

perhaps the Waneta hydro stake sale happening early?

Disclosure: long all stocks mentioned