Wires

Saudi Arabia credit default swaps spike - IHS Markit

DUBAI, March 9 (Reuters) - The cost of insuring against a potential debt default by Saudi Arabia spiked by nearly 70% on Monday, IHS Markit data showed after oil prices plunged by as much as a third.

Conventional spreads of Saudi Arabia's five-year credit default swaps (CDS) were at 160 basis points on Monday, up from 96 bps at their previous close level, according to IHS Markit.

Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output after their three-year supply pact collapsed.

(Reporting by Davide Barbuscia; Editing by Edmund Blair)