The cost of insuring against a Telefonica SA (TEF) default jumped to a record.

Credit-default swaps on the company rose 13 basis points, or 2.7 percent, to 481, according to data compiled by Bloomberg.

The price of the contracts climbed 33 percent in May, the biggest monthly increase since November.

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net