Spanish and Italian corporate CDS are at their lowest in at least four months, as investor concerns about companies defaulting on their debt ease slightly. Gas Natural's CDS is trading at 295bps, its lowest since early May and 280bps tighter than its record wide of 575bps in June, according to Markit. Other Spanish and Italian companies in the iTraxx Europe index--including Telefonica, Iberdrola and Eni--are trading at their tightest spreads since March. The cost of insuring Spanish and Italian corporate debt has surged since the start of the debt crisis, with Eni the only company from these two countries whose CDS has traded in double digits since at least April 2010. Eni last closed under 100bps in June 2011.
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