Well, the market's perception of the outlook for Qantas as a credit (ie. its credit-worthiness) has changed now that the prospect has reduced of $4bn being ripped out and the company saddled with oodles of debt... CDS spreads have apparently tightened in 110bp (ie. the amount over risk-free debt that a giver of protection over Qantas credit would demand to take on that risk as dramatically reduced).