January 22, 2020 / 9:29 AM / a month ago

Italy CDS jump 6 bps on reports di Maio to quit as 5-star leader

LONDON, Jan 22 (Reuters) - The cost of insuring exposure to Italy’s sovereign debt rose on Wednesday after reports that Luigi di Maio will step down as leader of Italy’s co-governing 5-Star movement, fuelling fresh concerns over political uncertainty in the country.

Five-year credit default swaps (CDS) jumped 6 basis points (bps) from Tuesday’s close to 129 bps - the highest level since mid-December, according to IHS Markit.

Some Italian banks also saw an increase with CDS of UniCredit rising by 2 bps to 80 bps and those of Intesa Sanpaolo adding 2 bps to 89 bps. (Reporting by Karin Strohecker; Editing by Dhara Ranasinghe)

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