The debt case for Middle East investment

Chris Wright
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Saudi Arabia and Iran have been presented chiefly as an opportunity on the equity side, but both markets are attracting interest from the fixed income community as well.

Saudi Arabia as a sovereign had been inactive in the debt markets since 2007 until this year, but the falling oil price and an apparent unwillingness to dip (or to dip any further) into reserves, has prompted a rethink.

In July Fahad al-Mubarak, governor of the Saudi Arabian Monetary Agency, said it had issued $4 billion equivalent in local bonds, and in August it was reported that the country planned to raise a total of $27 billion by the end of the year, with...