Egyptian CDS spreads widen as political turmoil continues

The cost of insuring against an Egyptian government default rose for the fourth day in a row today, as its people once more took to the streets in anti-government protests. Credit default swap (CDS) spreads on the country's debt widened from 385 basis points at close of trading yesterday to 405bp at 1pm today, according to financial information provider Markit. Egyptian CDS spreads have now risen by 162bp in the three weeks since the political tension began in earnest in North Africa.

Economic