October 30, 2019 / 5:29 PM / 13 days ago

South Africa CDS jump after budget flags wider deficits

LONDON, Oct 30 (Reuters) - The cost of insuring exposure to South Africa’s sovereign debt surged 13 basis point, its most in over a month, after the Treasury said the budget deficit will rise to a nearly two-decade high and its gross debt is set to soar.

Five-year South Africa credit default swaps rose to 182 basis points, up from 169 basis points at Tuesday’s close, according to IHS Markit data. (Reporting by Tom Arnold and Karin Strohecker; Editing by Chizu Nomiyama)

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