May 16, 2018 / 8:49 AM / 2 months ago

Italy 5-yr CDS jump to 7-week high of 102 bps

LONDON, May 16 (Reuters) - The cost of insuring exposure to Italian sovereign debt rose to a seven-week high on Wednesday after a report that Italy’s 5-Star and League planned to ask the European Central Bank to forgive 250 billion euros of debt.

Bond markets were rattled by the, pushing yields higher. Italy five-year credit default swaps jumped five basis points to 102 bps, its highest since end-March, according to data from IHS Markit.

Reporting by Marc Jones and Saikat Chatterjee; editing by Sujata Rao

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