LONDON: The cost of insuring Moroccan and Egyptian sovereign debt against default or restructuring for five years slipped 17 basis points from Friday’s close, debt monitor Markit said on Monday.
Five-year credit default swaps (CDS) for Egypt were quoted at 365 bps while those for Morocco traded at 178 bps.
Egyptian five-year CDS hit a peak of 450 bps last Monday, fuelled by political unrest in the country.
The cost of insuring sovereign debt in the Middle East was broadly lower from last week.
Five-year CDS for Israel dipped 6 bps to trade at 137 bps while those for Tunisia eased 9 bps. CDS for Bahrain slipped 10 bps while Turkish five-year CDS fell 3 bps.
