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Who are the top riskiest debtors?
It may not be a surprise to see Egypt and Lebanon on the list but guess the worst performers and who tops the list of top riskiest credits.
April 10, 2011 3:33 by Reuters
It was followed by Saudi Arabia, whose CDS widened to 125.4 bps from 75.4 bps, a jump of more than 66 percent, while Tunisian and Egyptian debt insurance costs rose more than 40 percent as widespread demonstrations toppled their dictators.
Tunisia’s CDS widened to 171.2 bps, a move of 51.5 bps, while Egypt’s CDS widened to 339.5 bps from 238 bps.
Japan’s CDS also rose almost 40 percent after the country’s earthquake, tsunami and nuclear disaster fuelled an initial jump in the price of protection to 120 basis points. The CDS are now 28.3 basis points wider compared with the start of the year.
The rankings are based on CMA’s calculations, which include the cumulative probability of default.
Spanish Risk Falls
The cost of insuring Spanish debt against default fell 33 percent, making it the quarter’s fifth-best performer, thanks to the recapitalisation of its state banks and bondholder support from China and Japan, CMA said.
Spain dropped to 13th from 7th on the list of most risky sovereigns, while Hungary also exited the top 10.