Nov. 25 (Bloomberg) -- The cost of protection against a Turkish default traded at the highest level since April 2009 on concern Europe’s debt crisis is deepening.
Five-year Turkish credit-default swaps jumped 15 basis points to 333 basis points, according to prices from data provider CMA at 12 p.m. in London. Turkey’s CDS traded at 139 basis points a year ago.
The swaps pay buyers should a government or company fail or be unable to adhere to its debt agreements. An increase in the price corresponds with an increase in investor perception of risk.
--Editors: Stephen Kirkland, Linda Shen
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