Bond record, budget pain, Iran and Biden: Mideast risks in 2021
Published 22 Dec,2020 via Bloomberg Markets - Gulf Arab nations approach 2021 with their currency pegs steadied, oil prices clawing back ground, and bond investors keen for the region’s high-rated, high-yielding names.
But the pain from Covid-19 and the slump in crude hasn’t gone, and S&P Global Ratings predicts only a “modest recovery” in the six-nation Gulf Cooperation Council through 2023, after a contraction of about 6% this year. And while the region’s markets are used to geopolitical ructions, investors are waiting to see how Joe Biden’s presidency might tilt the picture, according to Tarek Fadlallah, the Dubai-based chief executive officer of the Middle East unit of Nomura Asset Management.
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