Euro High-Yield Credit Default Protection Costs Rise to 6-Month High
Dow Jones
Yesterday
1248 GMT - The cost of insuring high-yield euro credit against default rises to a six-month high amid concerns about France's fiscal situation and after Spain announced snap elections, adding a layer of uncertainty to the eurozone outlook. French bond yields and their spreads against German peers soared to multiyear highs last week after the French government presented a budget proposal. Markets calm a little on Monday but French and Spanish government-bond yields remain elevated. "Europe's political and fiscal backdrop is becoming a more prominent market concern," Tickmill's Patrick Munnelly says in a note. The iTraxx Europe Crossover index of euro high-yield credit default swaps rises 4 basis points to 305bps, S&P Global Market Intelligence data show.
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