CDS spreads rise in Bahrain and Tunisia

The cost of insuring against a Bahraini default rose again today as political protests spread across the small Gulf state. Credit default swap (CDS) spreads on the sovereign have been extremely volatile since similar protests began in Egypt – on January 26, according to financial information provider Markit, Bahraini spreads fixed at 176 basis points. By close of play yesterday they had reached 258bp, and by 1.00pm today they hit a new high of 270bp. Protesters hit the streets of the capital Man

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