Hungary debt insurance costs drop to lowest level since early January

Debt

Default insurance costs on Hungary's sovereign debt on Wednesday dropped to the lowest level since early January. According to S&P Capital IQ's CMA, a major CDS market data monitor in London, Hungary's benchmark five-year credit default swaps (CDS) traded around 265 bp on Wednesday, down a sharp 10 bp from the previous close. A CDS contract valued at 265 bp means that the cost to insure every €10 million worth of sovereign FX bond exposure against default is now around €265,000 a year for the benchmark five-year maturity.

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