April 30, 2018 / 1:08 PM / 3 months ago

Italy 5-yr CDS rise to 1-week high on prospect of new election

LONDON, April 30 (Reuters) - Italy’s debt insurance costs rose on Monday, with five-year credit default swaps (CDS) quoted at a one-week high of 89 basis points by data provider IHS Markit.

The country is facing the prospect of fresh elections as the leader of anti-establishment 5-Star Movement called for early elections in June, saying efforts to form a coalition government had failed after inclusive March 4 elections.

Italian bond yields rose five basis points after the news and stocks are down 0.4 percent

Five-year CDS closed Friday at 88 bps.

Reporting by Sujata Rao; editing by Abhinav Ramnarayan

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