The cost of insuring Bahraini sovereign debt for five years rose twelve basis points on Monday
The cost of insuring Bahraini sovereign debt for five years rose twelve basis points on Monday following violent protests over the weekend that prompted the island kingdom to call on neighbouring Gulf Arab countries for help to maintain order and security.
Five-year credit default swaps rose to 305 bps, data from Markit showed, defying a broader easing seen for other regional sovereign credits.
The cost of insuring Bahraini debt hit nineteen-month highs of 318 bps late February when anti-government protests killed seven demonstrators. Demonstrations on Sunday saw protestors overwhelm police and cut off roads.
Five-year CDS for Morocco rose 6 bps while those for Egypt were 5 bps higher. Qatari five-year CDS traded unchanged at 112 bps while those for Saudi Arabia dipped 2 bps. Tunisia five-year CDS eased 1 bps.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.