The cost of insuring UK government debt against the risk of default shot to its highest in a year on Wednesday, while the cost of insuring against a French or Italian default neared five-month highs, as a global bond market rout shook investors.

Five-year credit default swaps (CDS), a derivative that pays its holder in the event of an issuer defaulting, for UK sovereign debt rose 1 basis point on the day to 32 basis points, the highest since October 21 last year, at the tail-end of Liz Truss's stint as Britain's shortest-serving prime minister, according to data from S&P Global Market Intelligence.

French 5-year CDS rose to 28 bps, highest since May 18, from 27 bps at the last close, while Italian 5-year CDS jumped to 112 bps, their highest since May 11, from 109 bps on Tuesday, the data showed. (Reporting by Amanda Cooper; Editing by Harry Robertson)