February 20, 2009 / 2:49 PM / 11 years ago

Citigroup's CDS widen 45 bps to 450 bps-Phoenix

NEW YORK, Feb 20 (Reuters) - The cost of insuring Citigroup’s (C.N) debt with credit default swaps rose sharply on Friday as fears that the bank may be nationalized hammered its shares.

Citigroup’s five-year credit default swaps widened to 450 basis points, or $450,000 a year to protect $10 million of debt, after closing around 405 basis points on Thursday, according to data from Phoenix Partners Group. (Reporting by Dena Aubin; Editing by Theodore d’Afflisio) (dena.aubin@thomsonreuters.com; +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))

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