Gulf Bonds Go From Haven to Hazard as Saudi Strikes Stun Market - Bloomberg:
Gulf dollar bonds went into the weekend as investor darlings and came out as risky assets.
Money managers poured into the Gulf region in the weeks running up to Saturday’s unprecedented attack on Saudi Arabia’s key oil facilities. That drove record gains for bonds in August as they sought refuge in securities boasting an average credit score of A+ amid global trade tensions.
When markets reopened on Monday, debt from all six of the Gulf Cooperation Council nations fell as the prospect of a conflict in the Middle East loomed. Saudi Arabian bonds handed investors the biggest loss, about triple that of Qatari securities, according to a Bloomberg Barclays index. The region’s bonds were mostly steady as of 9:27 a.m. on Tuesday in London.
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