November 14, 2018 / 10:18 AM / a month ago

Italian sovereign, bank CDS rise after Rome re-submits budget

LONDON, Nov 14 (Reuters) - The cost of insuring exposure to debt issued by Italy's government and the country's banks rose on Wednesday after Rome re-submitted its draft budget for next year to the European Commission, setting the stage for a showdown with Brussels.

Italy's five-year credit default swaps (CDS) jumped 7 basis points from Tuesday's close to a near four-week high of 279 bps, according to data from IHS Markit.

Italian banks also felt the pressure, with CDS of the country's top lender UniCredit adding 3 bps from Tuesday's close to hit a two-week high of 190 bps, while Intesa Sanpaolo CDS climbed 2 bps to 195 bps.

Reporting by Karin Strohecker, Editing by Abhinav Ramnarayan

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