LONDON: The cost of insuring exposure to Bahrain debt fell on Wednesday from record highs after Saudi Arabia, United Arab Emirates and Kuwait said they would support the country financially.
Bahrain's five-year credit default swaps fell 16 basis points from Tuesday's close to 529 bps, according to IHS Markit data, after spiking to a record high.
The pledges of support from three of Bahrain's neighbours helped calm investor jitters about the country's ability to avoid a funding crunch.
(Reporting by Claire Milhench; Editing by Janet Lawrence) ((claire.milhench@thomsonreuters.com; +44 (0)207 542 3571; Reuters Messaging: claire.milhench.thomsonreuters.com@reuters.net))
