Continuing protests and the resignation of PM Saad Hariri have taken Lebanon closer to the brink and a sovereign debt structuring is looking inevitable. Bond spreads are likely to widen further. Elsewhere, investors have moved back into Dubai’s residential property but, with large supply set to come onto the market next year, overcapacity is likely to remain a major concern. Finally, Saudi Aramco will reportedly announce the timetable for its IPO this weekend, but the Crown Prince’s valuation of $2trn could still prove to be a stumbling block.
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