Largest Saudi Bank Crashes To Record Low

Despite the exuberant rebound in the price of oil - and the hope that this means something other than an over-financialized commodity being short-squeezed by rumors - all is not well across the oil producers of the world. Having noted the record surge in default protection for Saudi Arabia (ahead of its looming debt deal)...



We note that National Commercial Bank's stock price has collapsed to record lows.

h/t @pierpont_morgan

This is Saudi Arabia's largest bank, and is often used as a proxy for the royal family's wealth.

Interestingly,just as we were surprised to see Saudi CDS "stabilizing" amid record demand for protection, NCB CDS has tightened dramatically in the last few weeks - as the stock has crashed...


If we were the tin-foil-hat-wearing types, we might suggest that every effort is being made to put lipstick on Saudi's credit pig before the looming debt deal is done.