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State Bank of India debt insurance costs hit 11-mth low
May 16, 2014 / 8:58 AM / 4 years ago

State Bank of India debt insurance costs hit 11-mth low

LONDON, May 16 (Reuters) - The cost of insuring State Bank of India’s debt, used as a proxy for Indian sovereign debt, fell to 11-month lows on Friday following a decisive election win for India’s pro-business BJP party.

The party was headed for a majority in parliament, giving leader Narendra Modi the most decisive mandate for any leader since the 1984 assassination of prime minister Indira Gandhi propelled her son to office.

State Bank of India’s 5-year credit default swaps fell 13 basis points from Thursday’s close to 206 bps, the lowest since June 2013, according to data from Markit.

Reporting by Carolyn Cohn; editing by Jamie McGeever

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