At least, most in the GCC region are forecast to bring down their fiscal breakevens in 2021, eg Saudi drops from US$78 (with a c11% fiscal deficit) in 2020 to US$68 (6% fiscal deficit) in 2021. Saudi and GCC currencies: Drop the pegs while FX reserve...

More severe scenarios involve new US airstrikes (of the sort seen in the first week of January 2020 when Iranian Quds Force commander Qassem Soleimani was assassinated). On this occasion, Iran's Supreme Leader Khamenei and Foreign Minister Zarif have...

Read the full report here. Ecuador launched its consent solicitation and invitation to exchange on Monday (20 July). The financial terms seem to be consistent with those set out in the Agreement in Principle with the Ad Hoc group of creditors, and in...

In this Strategy note, we present our Top-5 picks for the second-half of the year and survey recent market developments. The spread on the EMBGID is 447bps (cob 21 July), compared to its peak of 721bps on 23 March, but it still remains 156bps above t...

Iraq and Kurdistan fall out again on federal budget transfers to the region. According to Argus Media andKurdistan 24, the Kurdistan Region of Iraq has not fulfilled its part of the deal in 2020 and the federal government instructed the ministry of f...

Oil & gas companies operating in the Kurdistan Region of Iraq received payments last week for March 2020 oil shipments, according to Genel, Gulf Keystone and ShaMaran. However, oil receivables for November 2019-February 2020, the period when oil pric...