Reports that the US and Saudi Arabia are nearing to a grand deal on security and the Kingdom’s civilian nuclear program would, if confirmed, swing the Kingdom back towards the US’s sphere of influence. Elsewhere, several sovereigns are tapping global capital markets: Qatar issued its first dollar bonds in four years and Morocco’s government has flirted with doing so too. In the latter, we don’t think this would raise sovereign debt risks. Finally, after President Raisi’s death, Iran will hold presidential elections in late June.
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