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Tue 22 Feb 2011 05:01 PM

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Egypt, Dubai credit default swaps rise on Mideast unrest

Cost of insuring Egyptian sovereign debt against default for 5 years jumps 19 basis points

Egypt, Dubai credit default swaps rise on Mideast unrest
DEBT WATCH: The cost of insuring Egyptian sovereign debt against default for five years jumped 19 basis points on Tuesday (Getty Images)

The cost of insuring Egyptian sovereign debt against default for five years jumped 19 basis points on Tuesday as escalating violence in Libya threatened to fan further unrest in the Middle East and North Africa.

Five-year credit default swaps (CDS) for Egypt traded at 375 bps while those for Dubai rose 12 bps to 450 bps, according to data monitor Markit.

Tunisian five-year CDS jumped 17 bps to 195 bps while those for Morocco traded 16 bps higher to 200 bps.

Saudi Arabian five-year CDS rose 2 bps.