Italy, Spain Lead Increase in European Sovereign Credit Risk

Italy and Spain led an increase in the cost of insuring bonds sold by Europe’s peripheral nations, according to CMA prices for credit-default swaps.

Swaps on Italy rose 8 basis points to 217 while Spain increased 9 basis points to 306. Contracts on Ireland were 11.5 baais points higher at 553 and Portugal was up 6 to 434.

The Markit iTraxx SovX Western Europe Index of swaps linked to 15 governments rose 3 basis points to 179.5.

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