Abu Dhabi, regional CDS soar on Dubai debt news
LONDON, Nov 25 (Reuters) - The cost of insuring Abu Dhabi's debt against restructuring or default rose on Tuesday after Dubai said it would restructure the debt of conglomerate Dubai World and subsidiary Nakheel.
Five-year credit defaults swaps for Abu Dhabi jumped to 134.6 bps from 100 bps at the U.S. close, according to CDS monitor CMA DataVision, the highest levels since August.
This means it costs $134,600 per year to insure $10 million of Abu Dhabi debt.
Saudi CDS rose around 12 bps to 86.4 bps and Qatar's rose around 5 bps to 99 bps.
Dubai's 5-year CDS prices earlier rose more than 100 bps to three-month highs and Nakheel's sukuk due to mature in December fell nearly 30 points on the restructuring news.
For a graphic on Dubai CDS moves, click on r.reuters.com/juj63g
(Reporting by Carolyn Cohn; editing by Natsuko Waki)
((carolyn.cohn@reuters.com; Reuters Messaging carolyn.cohn.reuters.com@reuters.net; +44 207 542 6320))
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