January 6, 2020 / 7:41 AM / 22 days ago

Saudi credit default swaps spike on U.S.-Iran tensions

DUBAI, Jan 6 (Reuters) - The cost of insuring against a potential debt default by Saudi Arabia has spiked by more than 16% since the killing on Friday of Iranian military commander Qassem Soleimani in a U.S. drone strike.

Conventional spreads of Saudi Arabia’s five-year credit default swaps (CDS) were at 64 basis points early on Monday, up from 55 bps on Jan. 2, according to IHS Markit.

Dubai’s corresponding CDS were only 1 basis point higher while Abu Dhabi’s CDS spreads increased to 37 bps from 34 last week. (Reporting by Davide Barbuscia; Editing by Catherine Evans)

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