Middle East debt insurance costs rise, Markit says

RIPPLE EFFECT Egypt's five-year credit default swaps rose twelve basis points from Wednesday's close to 400 bps, according to Markit

RIPPLE EFFECT Egypt's five-year credit default swaps rose twelve basis points from Wednesday's close to 400 bps, according to Markit

The cost of insuring Egyptian and other Middle Eastern debt against default rose on Thursday after supporters of president Hosni Mubarak killed at least five anti-government protestors in Cairo.

Egypt's five-year credit default swaps rose twelve basis points from Wednesday's close to 400 bps, according to Markit, but remain below nearly-two-year highs of 450 bps hit earlier this week.

Lebanon's five-year CDS rose 24 bps, also to 400 bps, and Bahrain's five-year CDS rose 14 bps to 238 bps. Bahrain's CDS hit their highest level since Sept 2009.

Egyptian London-listed global depositary receipts (GDRs) also fell.

Orascom Construction dropped 2.21 percent and Commercial International Bank fell 4.13 percent.

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