Israeli bonds sink, default insurance spikes on rising tensions, downgrade
Rewrites throughout, adds bonds, updates prices
LONDON, Oct 2 (Reuters) -Israel's international bonds fell more than 2 cents on Wednesday and the country's default insurance costs rose to the highest level in almost 12 years, after another ratings downgrade and a rise in fears that the Middle East conflict will spread further.
Israel's longer-dated dollar-denominated maturities such as the 2054 bond suffered the biggest daily losses, down 2.4 cents in the dollar to bid at 92.7 cents, their lowest level since August, Tradeweb data showed. US46514BRM18=TE
The country's five-year credit default swaps for Israel jumped 10 basis points from their Tuesday close to 160 bps, their highest since November 2012, data from S&P Global Market Intelligence showed. ILGV5YUSAC=MG
Hezbollah said its fighters were engaging Israeli forces inside Lebanon on Wednesday, reporting ground clashes for the first time since Israel began pushing into its northern neighbour to strike at the Iran-backed armed group.
Adding to the pressure on the bonds was a downgrade by S&P Global, which cut Israel's long-term ratings to 'A' from 'A+' late on Tuesday, citing risks to the economy and public finances from the worsening conflict. That was the second downgrade for Israel after Moody's lowered its rating last week.
The impact of rising tensions was felt more widely across the region. Egypt's 2049 dollar bond slipped 0.8 cents to trade at 81.4 cents, while Jordan's 2047 issue matched the decline to be bid at 91.2 cents, Tradeweb data showed. US418097AJ07=TE
Reporting by Karin Strohecker; Editing by Amanda Cooper and Timothy Heritage
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