CDS trading in MENA region spikes, despite lack of deliverable obligations
Ongoing turbulence in the Middle East and North Africa has led to an uptick in credit default swap trading in the region. But with some countries affected by the turmoil having few dollar-denominated bonds outstanding, which would be deliverable into a credit event auction should a default occur, buying CDS offers scant protection.
Heightened geopolitical risk has led to the cost of five-year protection on Bahrain widening dramatically from 185.89 basis points at the start of the year to 357
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