GULF WEEKLY: Abu Dhabi issues at much lower yields, lockdowns intensify for Eid

GULF COUNTRIES - Report 22 May 2020 by Rory Fyfe and Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis, the outlook and links to further information. Headlines include:

* Coronavirus growth decelerated regionally but worries about spread due to the Eid al-Fitr holiday led to an intensification of lockdowns in some countries.
* Saudi holdings of US treasuries fell by a record -$25bn in March.
* Despite grim results for the Softbank Vision Fund, the Saudi losses are not that large so far.
* Despite Jamal Khashoggi’s family pardoning his killers, the reputational damage will stick.
* Abu Dhabi raised $3bn by tapping its April bond, with spreads about -90bp lower.
* Qatar tripled its swap line with Turkey to $15bn to support one of its closest allies.
* Oman issued a $0.5bn local currency 5yr development bond at 5.36%.
* Oman appeared to continue to court GCC neighbors in efforts to secure a bailout.
* Palestine declared an end to ties with Israel over its annexation plans.

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