November 7, 2017 / 10:03 AM / 3 months ago

Lebanese bonds fall, CDS jump as political crisis escalates

LONDON, Nov 7 (Reuters) - Lebanon’s dollar bonds fell and the cost of insuring exposure to its debt jumped on Tuesday, as Saudi Arabia accused Beirut of declaring war against it, a dramatic escalation of a crisis engulfing the country.

Lebanon’s 2022 issue fell 1.95 cents to 93.5 cents in the dollar, the lowest level since July 2013, according to Thomson Reuters data.

Five-year credit default swaps (CDS) for Lebanon jumped 13 basis points (bps) from Monday’s close to 550 bps, according to IHS Markit data, the highest level since early December.

Reporting by Claire Milhench, editing by Marc Jones

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