EURO GOVT-Spain CDS slide after it keeps investment rating

LONDON | Wed Oct 17, 2012 6:31am EDT

LONDON Oct 17 (Reuters) - The cost of insuring Spanish debt against default fell to its lowest in over 14 months on Wednesday after the country retained investment grade credit rating, easing fears investors could be forced to dump its bonds.

Five-year credit default swaps (CDS) on Spanish government debt fell 39 basis points on the day to 283 bps, according to data monitor Markit, after Moody's Investors Service affirmed Spain's rating at Baa3 with a negative outlook. This means it costs $283,000 annually to buy $10 million of protection against a Spanish default using a five-year CDS contract.

Equivalent Irish CDS fell 37 bps to 200 bps, the lowest in 2-1/2 years.

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