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Latest News

Bahrain leads rise in Mideast CDS; Lebanon CDS fall

Egyptian credit default swaps rose a further 4 bps to 393 bps though this is down from 18-month highs above 450 bps hit recently.

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February 4, 2011 2:08 by



Debt insurance costs in the Middle East and North Africa mostly rose further on Friday, led by a 12 basis points rise in Bahrain, but Lebanon’s five-year CDS bucked the trend to drop nearly 30 bps, Markit said.

Egyptian credit default swaps rose a further 4 bps to 393 bps though this is down from 18-month highs above 450 bps hit recently, the data provider said.

Bigger moves were seen in the Gulf countries, with Bahraini CDS rising 12 bps to an 11-month high of 260 bps on fears that Egypt-style unrest could spread in the oil-rich kingdoms.

Saudi debt insurance costs rose 6 bps to 128 bps while Dubai jumped to a nine-month high of 435 bps, 11 bps higher than the previous session’s close.

Morocco and Tunisia saw CDS rise 5 bps each, Markit said.

The exception was Lebanon where debt insurance costs fell back almost 30 bps to 349 bps.

(Reporting by Sujata Rao; Editing by Ruth Pitchford)



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