March 2, 2020 / 10:46 AM / 3 months ago

Italy, China CDS ease as stimulus hopes calm markets

LONDON, March 2 (Reuters) - The cost of insuring exposure to debt issued by Italy and China eased on Monday after hopes for a raft of global interest rate cuts to help shore up economies hit by the coronavirus outfall brought a measure of calm to battered markets.

Five-year credit default swaps for Italy fell 6 basis points (bps) to 145 bps, according to data from IHS Markit. Two of the country’s biggest lenders, UniCredit and Intesa Sanpaolo also saw their CDS nudge lower.

CDS for China declined by 3 bps to 47 bps over the same period.

Italy and China CDS had recently hit multi-month highs on concern about the economic impact of the spread of the virus. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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