September 3, 2018 / 8:55 AM / 2 months ago

Indonesia CDS jump to 8-week high as rupiah slides

LONDON, Sept 3 (Reuters) - The cost of insuring exposure to Indonesia’s sovereign debt hit an eight-week high on Monday as the country’s currency weakened to levels last seen during the Asian financial crisis in 1998.

Indonesia’s five-year credit default swaps jumped 5 basis points (bps) from Friday’s close to 131 bps according to data from IHS Markit.

Foreign investors have been dumping Indonesian bonds, stocks and the rupiah currency amid an emerging market sell-off spurred by rising U.S. interest rates and fears of contagion from financial crises in Turkey and Argentina. (Reporting by Karin Strohecker; editing by Claire Milhench)

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