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Tunisia's political crisis takes toll on bond market

·1 min read

LONDON, Sept 28 (Reuters) - Tunisia's government bonds came under fresh pressure on Tuesday and the cost of insuring against their default hit a record high, as concerns over an ongoing political crisis in the country continued to mount.

Thousands of demonstrators took to the streets of Tunis over the weekend after President Kais Saied brushed aside much of Tunisia's post-Arab Spring constitution and gave himself the power to rule by decree.

The 2024 bond, which is formally issued by the country's central bank, slipped nearly 1 cent on Tuesday to trade at 83.535 cents in the euro, Tradeweb data showed.

Five-year credit default swaps jumped to 840 bps, up 22 bps from Monday's close and more than double the levels at the start of the year, data from IHS Markit also showed.

(Reporting by Karin Strohecker; editing by Marc Jones)