ECONOMY

Insuring Qatari debt becomes costlier as diplomatic crisis rumbles on

File photo of Doha's financial district. (AP)

The cost of insuring exposure to Qatari debt rose on Thursday to the highest since February 2016 as the diplomatic crisis that has isolated the tiny Gulf state rumbled on.

Five-year credit default swaps rose 2 basis points (bps) from Wednesday’s close to 120 bps, according to IHS Markit data. This is more than double the level where the CDS were trading at the start of June when Qatar's neighbors, including Saudi Arabia and the UAE, severed diplomatic and travel ties with it.

Gulf Arab states are considering fresh sanctions on Qatar and could ask trading partners to choose between working with them or Doha, the UAE ambassador to Russia said in an interview with The Guardian newspaper on Wednesday.

 

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Last Update: Thursday, 29 June 2017 KSA 14:45 - GMT 11:45
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