New Delhi, June 25 -- Credit-default swaps tied to Elon Musk's SpaceX have begun actively trading after the company sold high-grade bonds this week for the first time, according to people familiar with the matter, allowing investors to hedge against potential losses or to speculate on the creditworthiness of the firm.

Major Wall Street bond dealers are making markets on swaps tied to SpaceX after the rocket, satellite, and AI conglomerate raised $25 billion in its bond sale on Tuesday, said the people, asking not to be identified as the details are private.

Those bonds have broadly been weakening relative to Treasuries since the offering, signalling some selling pressure on the securities.

For credit derivatives, dealers started sendin...