The cost of insuring Bahraini sovereign debt against default for five years rose on Monday after investment firm Arcapita filed for Chapter 11 bankruptcy protection.
Five-year credit default swaps for Bahrain were quoted at 370 basis points, up 12 bps from Friday's close, according to data monitor Markit.
Arcapita filed for bankruptcy protection in the United States after it was unable to reach a $1.1 billion debt repayment with creditors.
The Arcapita debt maturity has been regarded as one of the most challenging obligations facing the region in 2012.
SOURCE Reuters
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