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Allstate CDS spreads lead insurance sector wider

Fri Oct 10, 2008 9:56am EDT

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NEW YORK, Oct 10 (Reuters) - The cost of insuring debt issued by Allstate Corp (ALL.N) climbed 93 basis points Friday, leading a broader widening of spreads in the insurance sector.

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Five-year credit default swaps on Allstate were last trading at 292 basis points, or $292,000 annually to insure $10 million for five years, up from 199 basis points late Thursday, according to data from Markit Intraday.

XL Capital, Hartford Financial and MetLife CDS continued to trade on an upfront basis, indicating heightened worries of a potential default. (Reporting by Ciara Linnane; Editing by James Dalgleish)

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