for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Bonds News

South Africa default insurance costs jump after rating cut

LONDON, March 30 (Reuters) - South Africa’s 5-year credit default swaps - used by investors to insure against a government debt default - jumped to their highest level since 2009 on Monday after the country was stripped of its last remaining investment grade rating.

Moody’s downgraded the country to ‘junk’ status on Friday after more than two years of toing and froing. It sent the country’s CDS up 31 basis points to 439 on Monday, data from IHS Markit showed. (Reporting by Marc Jones, Editing by Iain Withers)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up