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Bahrain 5-year CDS hit new 18-month high on unrest

Five-year credit default swaps for Bahrain were quoted at 300 basis points.


February 18, 2011 12:15 by

The cost of insuring Bahraini sovereign debt against default for five years hit fresh 18-month highs on Friday as thousands gathered to bury protestors killed in a crackdown against anti-government protestors this week.

Five-year credit default swaps for Bahrain were quoted at 300 basis points, up 19 bps from Thursday’s close, according to data monitor Markit.

The overthrow of Egyptian President Hosni Mubarak last week has inspired popular revolt elsewhere in North Africa and the Middle East.

At least four Bahraini protestors were killed on Thursday when riot police drove activists from a makeshift camp in the capital. In Libya, at least 24 people were reportedly killed in crackdowns on protests on Wednesday and Thursday.

Five-year CDS for Morocco and Tunisia traded at their highest levels in two weeks with Morocco quoted up 12 bps to 197 bps while Tunisian CDS rose 9 bps to 185 bps. Israeli CDS were up 3 bps to trade at 150 bps, their highest levels since end-July 2009.

(Reporting by Sebastian Tong; editing by Sujata Rao)


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