November 8, 2017 / 9:54 AM / a year ago

Political tensions push Saudi, Lebanon debt insurance costs higher

LONDON, Nov 8 (Reuters) - The cost of insuring exposure to Lebanese and Saudi Arabian debt hit the highest since late 2008 and July this year respectively on Wednesday, as political tensions in both countries simmered.

Lebanon, which has been thrown into limbo by the resignation of its prime minister, saw its five-year credit default swaps (CDS) jump 13 basis points (bps) from Tuesday’s close to 592 bps, according to IHS Markit data.

Saudi Arabia’s five-year CDS hit 100 basis points, its highest since late July. Uncertainty there comes after a sweeping purge of fellow royals and top officials by the Kingdom’s Crown Prince Mohammed bin Salman. (Reporting by Marc Jones; editing by Claire Milhench)

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