Dec. 9 (Bloomberg) -- Investing in U.K. government debt is almost twice as risky as buying bonds sold by McDonald’s Corp., based on prices in the credit-default swap market.

The CHART OF THE DAY compares the cost of protecting against a decline in the creditworthiness of the two borrowers. U.K. protection became more expensive on Sept. 29, when the pound suffered its biggest one-day loss against the dollar in 16 years after the government took control of Bradford & Bingley Plc, Britain’s biggest lender to landlords.

Britain risks being viewed pejoratively as a banana republic “apart from the technical disqualification that we have a monarch and so cannot be a Republic, and it’s too cold to grow bananas anyway,” says Sean Corrigan, who helps oversee about $8.5 billion as chief investment strategist at Diapason Commodities Management SA in Lausanne, Switzerland.

McDonald’s, the world’s largest restaurant company, said yesterday that global sales rose 7.7 percent in November. The marketing icon for the Oak Brook, Illinois-based company famed for its burgers is a clown figure called Ronald McDonald.

“Talk about ‘McBritain’ is an insult to Ronald’s outfit,” Corrigan said.

To contact the reporter on this story: Mark Gilbert in London at magilbert@bloomberg.net

Last Updated: December 9, 2008 06:49 EST