Asia Pacific News Agency (Jimmy): Pakistan’s chances of defaulting on its debt have reached alarming new levels, with the cost of ‘insuring’ the country’s sovereign debt hitting another all-time high in devastating fashion.

According to data by Arif Habib Limited (AHL), Pakistan’s benchmark 5-year Credit Default Swap (CDS) spiked on 18 November by a whopping 1,253 basis points to 92.53 percent. The instrument has widened by over 12.53 percentage points in a single day and shows that investors are not willing to take on Pakistan’s default risk at a price level inferior to 92 percent.