September 28, 2018 / 8:22 AM / a year ago

Italy 5-yr credit default swaps rise 20 bps after budget deal

LONDON, Sept 28 (Reuters) - The cost of insuring exposure to Italian government debt jumped to a three-week high on Friday following a budget agreement among Italian ministers that risks putting the country at odds with the European Union.

Italy’s government on Thursday targeted the budget deficit at 2.4 percent of gross domestic product for the next three years, marking a victory for party chiefs over economy minister Giovanni Tria who had hoped to limit the deficit to 2 percent

The credit default swaps (CDS) rose to 241 basis points, up 20 bps from Thursday’s close, according to IHS Markit.

Meanwhile, five-year credit default swaps for Italy’s biggest bank UniCredit rose 10 basis points to 151 bps . (Reporting by Abhinav Ramnarayan; editing by Sujata Rao)

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