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Italy 10-year yield rises amid debt plan worries

Italy 10-year yield rises amid debt plan worries ( 10YR_ITA ) (by William L. Watts)

FRANKFURT (MarketWatch) -- Italian government bond yields rose, with the 10-year yield nearing a level last seen in early August, as concerns mounted about the effectiveness of the euro-zone rescue plan adopted last week by European leaders. The 10-year yield (it:10yr_ita) rose 21 basis points to 6.10%. The yield rose as high as 6.18% on Aug. 4, according to trading platform Tradeweb, before retreating in the wake of purchases of Italian and Spanish government bonds by the European Central Bank. The cost of insuring Italian government debt against default via credit default swaps rose Monday. The spread on five-year Italian CDS widened 28 basis points to 430 basis points, according to data provider Markit. That means it would now cost $430,000 annually to insure $10 million of debt against default, up from $402,000 on Friday. Other sovereign European CDS spreads also widened, Markit said.