Greek 5-yr CDS rises to 187.4 bps - CMA

LONDON Tue Nov 24, 2009 5:21am EST

LONDON Nov 24 (Reuters) - The cost of protecting Greek government debt against default jumped on Tuesday, according to data monitor CMA DataVision, as investors fretted about the country's fiscal health in a broadly risk-averse market.

The five-year credit default swap (CDS) on Greek government debt climbed to 187.4 basis points from 175.2 basis points at the New York close on Monday, CMA said.

This was still well off the peak of 285.1 bps hit in February during the height of the global economic turmoil, according to CMA.

This means it now costs 187,400 euros per year to insure an exposure of 10 million euros of Greek government bonds, up from 175,200 euros on Monday.

The equivalent Portuguese CDS edged up to 72 basis points from 70 bps late in New York on Monday. The 10-year Portuguese/German bond yield spread reached 59 basis points -- the widest in a month -- from around 54 bps late on Monday.

The 10-year Greek/German government bond yield spread edged out to 169 basis points from around 167 bps late on Monday, having expanded to its widest in about five months last Friday.

Concerns about Greece have grown after data showed the country's economy in its forth straight contraction in the third quarter.

(Reporting by Emelia Sithole-Matarise)

((Reuters Messaging: emelia.sithole.reuters.com@reuters.net, Email: emelia.sithole@thomsonreuters.com; +44 20 7542 6752))

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