Fallout from Abqaiq attacks, Lebanon aid not a panacea

Fears that Saudi Arabia would suffer prolonged disruption to oil output following Saturday's attacks on the Abqaiq oil facility have been avoided, but the attacks appear to have reduced the appetite to rush through the Aramco IPO and (perhaps most worryingly) the threat of a military confrontation in the region has risen. Elsewhere, while talks over financial support from Saudi Arabia have reduced the chances of a near-term default in Lebanon, we still think that a debt restructuring is the only viable option to place the public finances on a sustainable footing.