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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