LONDON – Russian five-year credit default swaps (CDS) hit their lowest level since September 2014 and Turkey’s fell to their lowest in a year on Tuesday, as a rally in emerging markets sent default insurance costs tumbling.
Russian and Turkish CDS both fell to 219 basis points (bps) from 221 bps at close of business on Monday, according to data from Markit.
The cost of insuring exposure to South African debt also fell, with a four basis points dip to 248 bps, its lowest level since November. (Reuters)
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