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EURO GOVT-Irish CDS fall after bank debt deal

LONDON, Feb. 7 | Thu Feb 7, 2013 11:20am EST

LONDON, Feb. 7 (Reuters) - The cost of insuring against an Irish default fell on Thursday after Dublin reached a deal that will reduce its borrowing costs, a move that could ease its full return to bond markets.

Five-year credit default swaps (CDS) on Irish government debt fell 17 basis points on the day to 183 basis points, according to data monitor Markit. This means it costs $183,000 annually to buy $10 million of protection against an Irish default using a five-year CDS contract.
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