October 2, 2018 / 10:08 AM / a year ago

Italy sovereign, bank CDS jump after League-lawmaker mentions return to own currency

FILE PHOTO: People walk past a "debt clock" screen, installed by Bruno Leoni Institute's analysts, displaying Italy's public debt at the Termini central station in Rome, Italy February 15, 2018. REUTERS/Alessandro Bianchi

LONDON (Reuters) - The cost of insuring exposure to Italian sovereign debt and the debt of the country’s largest lenders rose on Tuesday after an Italian lawmaker said most of the country’s problems would be solved if it returned to its own currency.

Five-year credit default swaps ITGV5YUSAC=MG jumped 9 basis points (bps) from Monday’s close to 268 bps, the highest level in four months, according to IHS Markit.

CDS in the country’s largest lender UniCredit UNIC5YEUAM=MG (CRDI.MI) and Intesa Sanpaolo BCIN5YEUAM=MG both jumped 10 bps to one-month highs of 168 bps and 178 bps respectively.

Reporting by Karin Strohecker, Editing by Abhinav Ramnarayan

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