Egypt, Middle East debt insurance costs rise-Markit
Saudi Arabia's five-year CDS rose 29 bps to 120 bps.
January 31, 2011 12:15 by Reuters
The cost of insuring Egyptian and other Middle Eastern debt against default rose on Monday, as worries over political unrest in Egypt spread to concern about other countries in the region.
Egyptian 5-year credit default swaps rose 22 basis points to 450 bps, according to data from Markit, to trade at their highest since April 2009.
Saudi Arabia’s five-year CDS rose 29 bps to 120 bps. Bahrain 5-year CDS gained 39 bps to 230 bps, 13-month highs.
Lebanon 5-yr CDS rose 38 bps to 405 bps, their highest since May 2009 and Turkey 5-year CDS were up 4 bps to 171 bps, four-month highs.
(Reporting by Carolyn Cohn; editing by Jeremy Gaunt)