Price of insuring Hungarian debt climbs

MNB

The cost of insuring Hungarian state debt rose on markets in London on Wednesday to highs not seen in weeks as risk aversion grew on global markets.

CMA DataVision said that the benchmark 5-year mid-spread of Hungary's credit default swaps contracts (CDS) was around 462bp in trade in London on Wednesday, up from 458.4bp late Tuesday.

Hungary's CDS mid-spread was around 430bp last weekend and around 255bp at the beginning of the summer.

A CDS contract valued at 462bp means that the cost to insure every €10 million worth of bond exposure against default is €462,000 a year for the benchmark five-year horizon.

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