May 23, 2018 / 12:45 PM / a month ago

Italy CDS hit highest in nearly a year on political risk

LONDON, May 23 (Reuters) - The cost of insuring exposure to Italian and Spanish sovereign debt rose to new multi-month highs on Wednesday amid mounting concerns over political risk emanating from Rome and broader pressure on markets.

Italy’s 5-year credit default swaps (CDS) hit the highest in nearly 12 months at 152 basis points (bps), up 13 bps from Tuesday’s close, according to data from IHS Markit.

Meanwhile Spain’s 5-year CDS rose to 61 bps, a six-month high and up 6 bps on the day. (Reporting by Karin Strohecker; editing by Sujata Rao)

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