Citigroup debt protection costs hit new highs

NEW YORK, Nov 20 (Reuters) - Citigroup Inc (C.N) debt protection costs rose to a new high on Tuesday and credit default swaps on other brokers also weakened on continued fears of losses from writing down mortgage-based assets.

The cost to insure Citigroup's debt with credit default swaps rose around 5 basis points to 95.5 basis points, or $95,500 per year for five years to insure $10 million in debt, according to data by CMA DataVision.

The swaps had traded at 63 basis points at the beginning of November and 31 basis points at the beginning of October.

Financial companies weakened on Tuesday after mortgage finance company Freddie Mac (FRE.N) posted a $2 billion third quarter net loss, which was wider than forecast.

Citigroup was also hit on Monday after Goldman Sachs downgraded the stock to "sell" and said the largest U.S. bank may have to write off $15 billion over the next two quarters as mortgage losses reduce earnings.

Goldman Sachs' (GS.N) and Lehman Brothers' LEH.N credit default swaps were also around three to four basis points weaker and other brokers one to two basis points weaker on Tuesday.

Debt protection costs on Lehman rose to around 145.5 basis points and Goldman to around 91.5 basis points, according to CMA.

Bear Stearns Cos' BSC.N credit default swaps are around 175 basis points, Morgan Stanley (MS.N) is 119 basis points, and Merrill Lynch MER.N is around 142 basis points, CMA data showed. (Reporting by Karen Brettell; editing by Leslie Adler)