February 18, 2011 / 3:42 PM / 8 years ago

Bahrain, Saudi CDS rise further to 19-mth highs on unrest

LONDON, Feb 18 (Reuters) - The cost of insuring exposure to Bahrain and Saudi Arabia risk for a five-year period surged to 19-month highs on Friday as violence erupted in Bahrain, fanning fears of spillover into neighbouring oil-rich countries.

Five-year credit default swaps (CDS) for Bahrain were quoted at 310 basis points after closing at 261 bps on Thursday, according to data monitor Markit.

Bahraini troops shot at protesters near Pearl Square on Friday and wounded several, a former Shi’ite lawmaker said. At least four Bahraini protestors were killed on Thursday when riot police drove activists from a makeshift camp in the capital. [ID:nLDE71H1RB].

Saudi 5-year CDS rose 15 bps to 140 bps, Markit said, while Dubai CDS jumped 19 bps to 437 bps.

The overthrow of Egyptian President Hosni Mubarak last week has inspired popular revolt elsewhere in North Africa and the Middle East.

At least 24 people were reportedly killed in Libyan crackdowns on protests on Wednesday and Thursday. [ID:nLDE71G28W]

Earlier, Moroccan and Tunisian CDS also rose to trade at two-week highs. Israeli CDS are at their highest levels since end-July 2009. (Reporting by Isabel Coles; editing by Sujata Rao and Sebastian Tong)

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