Russia CDS spike 17 bps in biggest 1-day rise since Sept. 2016

LONDON: The cost of insuring exposure to Russian debt jumped 17 basis points (bps) on Monday, the biggest one-day move since September 2016, after fresh sanctions were imposed by the United States targeting Russian companies and their owners.

Russian five-year credit default swaps (CDS) leapt from Friday's close of 121 bps to 138 bps, according to IHS Markit data, levels not seen since mid-November.

The average yield spread of Russian sovereign bonds over safe haven US Treasuries on the JPMorgan EMBI Global Diversified index also widened by 21 bps to 206 bps.