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Saudi Arabia Default Swaps Jump on Bahrain Contagion Concerns

Credit-default swaps on Saudi Arabia surged on concern political unrest in neighboring Bahrain will spread to the world’s biggest oil exporter.

Swaps on Saudi Arabia, used as a measure of confidence in the country although they reference no debt, jumped 11.5 basis points to 138, the highest since July 2009, according to CMA. Contracts on Bahrain rose for a fifth day, climbing 21 basis points to 307, the highest in 19 months.