Spanish CDS spread jumps as four banks announce merger
The cost of insuring five-year Spanish government bonds soared on Tuesday amid concerns over the health of the country's banking sector, as four of the country's regional savings banks announced they would merge.
The credit default spread on Spain's five year bonds soared by 22.16% to hit 259.93 basis points, according to CMA Datavision, a credit market information provider. Madrid's Ibex 35 benchmark index of stocks also tumbled for the second day running, losing 3.05% by the close of trade
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