The spread on the iTraxx European Crossover index, which measures the cost of insuring exposure to a basket of sub-investment-grade European companies surged nearly 13 basis points to 280 bps, the highest since December 6.

The spread on the iTraxx European index, which measures the cost of insuring against investment-grade corp bond defaults rose nearly 3 bps to nearly 58 bps, also the highest since December 6.

CDS for junk debt are up on average by more than 40 bps since the start of 2022 while those for high-grade corporate bonds have risen around 10 bps.

(Reporting by Yoruk Bahceli; editing by Sujata Rao)