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Oil: The cheapest oil exporter equity markets

Tellimer Research Hasnain Malik @ Tellimer Research
Hasnain Malik @
Tellimer Research
8 January 2021

EM sovereign bond issuance highest since April, but High Yield still lags

Stuart Culverhouse 1 December 2020

Oman personal income tax a precedent for others in the GCC

Hasnain Malik 2 November 2020

Saudi and GCC ugly fiscal truth from low oil prices

Hasnain Malik 20 October 2020

Bahrain-Israel: Signal on Saudi intentions is ambiguous

Hasnain Malik 12 September 2020
Latest articles in Oman

Oil: The cheapest oil exporter equity markets

Covid-19 second waves, the reliance on Saudi unilaterally shouldering the burden of marginal output restraint, and the fragile nature of Saudi-Russia cooperation tempers our optimism on oil relative to other commodities with secular demand drivers (e...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 8 January 2021
Oil: The cheapest oil exporter equity markets
Oil: The cheapest oil exporter equity markets

EM sovereign bond issuance highest since April, but High Yield still lags

EM hard currency sovereign bond issuance jumped to US$26.2bn in November, more than twice the level in October, and the highest monthly volume since the market reopened in April. That is, the average run rate over the last four months has essentially...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 1 December 2020
EM sovereign bond issuance highest since April, but High Yield still lags
EM sovereign bond issuance highest since April, but High Yield still lags

Oman personal income tax a precedent for others in the GCC

It should be no surprise that Oman is attempting to increase fiscal revenue from tax given persistent low oil prices is pushing its fiscal deficit to 18% and 17% in 2020 and 2021, respectively, according to IMF forecasts. But the pace of introduction...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 2 November 2020
Oman personal income tax a precedent for others in the GCC
Oman personal income tax a precedent for others in the GCC

Saudi and GCC ugly fiscal truth from low oil prices

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...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 20 October 2020
Saudi and GCC ugly fiscal truth from low oil prices
Saudi and GCC ugly fiscal truth from low oil prices

Saudi and GCC: Recent oil price drop is a risk for equities (in one chart)

GCC equities (MSCI GCC) broadly tracked the 10% increase in oil price over July and August 2020. Oil price has dropped 10% since the start of September but GCC equities are flat, implying higher risk near-term......given fiscal break-even oil prices...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 13 September 2020
Saudi and GCC: Recent oil price drop is a risk for equities (in one chart)
Saudi and GCC: Recent oil price drop is a risk for equities (in one chart)

Bahrain-Israel: Signal on Saudi intentions is ambiguous

Bahrain's tiny size means its normalisation of ties with Israel (announced on 11 September) changes little apart from competition with freezones in the UAE for attracting Israeli firms seeking to address the GCC and regional market (with its exports...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 12 September 2020
Bahrain-Israel: Signal on Saudi intentions is ambiguous
Bahrain-Israel: Signal on Saudi intentions is ambiguous