February 7, 2019 / 3:55 PM / 9 months ago

Italian sovereign, bank CDS jump on growth concerns

LONDON, Feb 7 (Reuters) - The cost of insuring exposure to Italy’s sovereign debt and bonds issued by the country’s banks jumped on Thursday after the European Commission slashed growth forecasts, fuelling concerns that a tepid economy could exacerbate Rome’s fiscal position.

Five-year credit default swaps (cds) for Italy rose 12 basis points (bps) versus Wednesday’s close to 232 bps - the highest since Dec. 12, according to IHS Markit.

Italian banks’ CDS also rose, with UniCredit 5-year CDS adding nine bps to hit a three-week high of 169 bps and Intesa Sanpaolo up 7 bps to 178 bps, data from IHS Markit showed. (Reporting by Karin Strohecker; editing by Sujata Rao)

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