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Cash Crunch Driving ICICI Risk Up by Most in Asia: India Credit

Costs to protect the bonds of Indian banks against default are rising at the fastest pace among Asian lenders as a worsening cash crunch threatens profits.

Five-year credit-default swaps on Mumbai-based ICICI Bank Ltd., the nation’s largest private lender, jumped 87 basis points in the past month to 482 basis points, the biggest advance in the region, while those for government-controlled State Bank of India rose 52 to 369, according to data provider CMA. Similar contracts for China Development Bank fell nine to 289 and those for Korea Development Bank slipped four to 183.