March 17, 2020 / 5:39 PM / 16 days ago

Insurance cost for Greek, British sovereign debt rises

LONDON, March 17 (Reuters) - The cost of insuring exposure to debt issued by Greece’s government rose to a 13-month high on Tuesday on fears over the economic toll the coronavirus spread could take on the country’s economy.

Five-year credit default swaps (CDS) on Greece’s sovereign debt added 33 basis points (bps) from Monday’s close to 405 bps, the highest level since February 2019, according to data from IHS Markit.

Five-year CDS for the United Kingdom added 8 bps to 45 bps, levels last seen just prior to the June 2016 Brexit vote. Britain on Tuesday unveiled a rescue package for businesses threatened with collapse by the coronavirus outbreak as the total deaths in England from the virus rose to 67. (Reporting by Tom Arnold Editing by Chizu Nomiyama)

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