LONDON, March 17 (Reuters) - Debt insurance costs for low-grade European debt climbed further on Tuesday to hit an eight-year high as the fallout from the coronavirus spread, sending riskier assets tumbling.
The iTraxx Europe crossover index of credit default swaps (CDS), which measures the cost of insuring exposure to a basket of sub-investment grade European companies, jumped 17 bps from Monday's close to 626 bps, data from IHS Markit showed.
Among sovereigns, five-year CDS for the United Kingdom added 2 bps to 39 bps, levels last seen in July 2016 after the shock Brexit vote.
Austria CDS added 1 bps to 22 bps, while levels for Germany , Japan and the U.S. held steady. (Reporting by Karin Strohecker; Editing by Dhara Ranasinghe)