April 26, 2018 / 10:23 AM / 10 months ago

Insurance costs on Italy's debt hit lowest since Sept. 2014

MILAN, April 26 (Reuters) - The cost of insuring Italy’s debt against default fell to its lowest since September 2014 as the possibility of the reformist Democratic Party (PD) forming a government with the anti-establishment Five-Star Movement boosted investor sentiment.

Italy’s five-year credit default swaps fell to 83.73 basis points on Thursday before rising back to 85.55 bps, meaning it cost as little as 83,730 euros to insure 10 million euros of exposure to Italian debt.

The PD’s acting leader Maurizio Martina said on Tuesday there had been “important steps forward” in narrowing the differences between PD and Five-Stars but there were still “differences and difficulties,” and the PD would discuss at a leadership meeting on May 3 whether to enter into talks to form a government. (Reporting by Sara Rossi, writing by Valentina Za, editing by Agnieszka Flak)

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