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Korean Sovereign Risk Spikes After Syrian Airstrike

Despite being rated five levels higher than Thailand by Moody’s Investors Service, the cost of insuring South Korea’s bonds against default is now more expensive for the first time in 7 years.

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As Bloomberg reports, five-year credit-default swaps on Korean notes have surged in the past couple of days on concern a more aggressive U.S. foreign policy is increasing the risk of conflict with nuclear-armed North Korea.

Meanwhile, the cost of such contracts on Thai debt have more than halved over the past year as the nation’s current-account surplus swelled.

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