March 23, 2020 / 11:14 AM / 11 days ago

Cost of insuring against European junk debt defaults hits new 8-year high

LONDON, March 23 (Reuters) - The cost of insuring against European junk bond defaults jumped over 50 bps to a new eight-year high on Monday, as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession.

Markit’s iTraxx Crossover, an index of credit default swaps (CDS) for European junk-rated companies, rose to 725 basis points, its highest level since June 2012.

Reporting by Abhinav Ramnarayan; editing by Yoruk Bahceli

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