Egypt debt insurance costs fall sharply-Markit

Reuters Middle East

LONDON, July 5 (Reuters) - The cost of insuring Egypt's debt against default fell on Friday for the second day in succession after the country's army ousted President Mohamed Mursi.

Investors said Mursi's departure would likely lead to an improved economic and business climate for Egypt.

Egypt's five-year credit default swaps fell 146 basis points to 717 bps, according to Markit, their lowest since June 17. The CDS hit record highs of 925 bps earlier this week after the army issued an ultimatum to Mursi.

Egyptian financial markets were shut on Friday.

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