April 9, 2018 / 12:54 PM / 17 days ago

Russia CDS spike 17 bps in biggest 1-day rise since Sept. 2016

LONDON, April 9 (Reuters) - The cost of insuring exposure to Russian debt jumped 17 basis points (bps) on Monday, the biggest one-day move since September 2016, after fresh sanctions were imposed by the United States targeting Russian companies and their owners.

Russian five-year credit default swaps (CDS) leapt from Friday’s close of 121 bps to 138 bps, according to IHS Markit data, levels not seen since mid-November.

The average yield spread of Russian sovereign bonds over safe haven U.S. Treasuries on the JPMorgan EMBI Global Diversified index also widened by 21 bps to 206 bps. (Reporting by Claire Milhench; editing by Sujata Rao)

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