GULF WEEKLY: S&P negative on Bahrain, Aramco plans sukuk, Oman protests end, oil at a 2-year high
A skimmable summary overlaid with our analysis and links. Headlines:
* There was positivity after the 5th round of US-Iran talks, but still no deal. Iran was also positive about its talks with Saudi.
* Coronavirus cases continued rising in UAE, Kuwait and Oman but eased in Bahrain and Qatar.
* Oil rose to nearly $72, the most in two years, after OPEC+ stuck with its taper plan.
* The Saudi PMI hit its highest since 2019, but PMIs eased in UAE and Qatar.
* S&P put Bahrain on a negative outlook and sees debt of 135% of GDP in 2024 (Moody’s expects 139% by 2023).
* Emaar is issuing a bond next week, QP’s $10bn bond is expected this month, Aramco mandated banks for a $5bn sukuk, and Bahrain is considering issuing in H2.
* Kuwait had another aborted session of parliament, boycotted by the government.
* Oman’s unemployment protests did not continue this week.
* Oman’s deficit in April was the smallest in a year, with revenue picking up and spending down -2.9% YTD.
* Qatar’s Commercial Bank is planning to increase its holding in National Bank of Oman to 50%.
* The crisis in Lebanon drags on, and there are reports of a possible widening of the Saudi trade boycott.
Now read on...
Register to sample a report