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    Friday, November 27, 2009

    Cost Of Insuring Dubai Debt Soars For Third Day

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    By William L. Watts
    MarketWatch Pulse
       

      LONDON -- The cost of insuring Dubai's sovereign debt against default rose sharply for the third straight day Friday as investors continued to flee risky assets in the wake of Dubai World's debt-restructuring announcement earlier this week. The spread on five-year Dubai credit default swaps soared to 708.96 basis points in early afternoon activity, up 167.75 basis points from Thursday's close, according to CMA DataVision. That means it would cost nearly $709,000 a year to insure $10 million in debt against default.

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