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Cost of insuring Irish debt against default at lowest since 2008

London (Reuters) – The cost of insuring five-year Irish government bonds against default hit its lowest since November 2008 on Tuesday as a bond sale via syndication drew strong demand, according to traders.

Five-year Irish credit default swaps were down 4 basis points on the day at 110 bps, according to data monitor Markit.

This means it costs $110,000 annually to buy $10 million of protection against an Irish government debt default using a five-year CDS contract.