Italy credit default swaps hit highest in nearly a year on political risk

LONDON (Reuters) - The cost of insuring exposure to Italian and Spanish sovereign debt rose to new multi-month highs on Wednesday amid mounting concerns over political risk emanating from Rome and broader pressure on markets.

Italy's 5-year credit default swaps (CDS) <ITGV5YUSAC=MG> hit the highest in nearly 12 months at 152 basis points (bps), up 13 bps from Tuesday's close, according to data from IHS Markit.

Meanwhile Spain's 5-year CDS <ESGV5YUSAC=MG> rose to 61 bps, a six-month high and up 6 bps on the day.

(Reporting by Karin Strohecker; editing by Sujata Rao)