Gulf weekly: No US-Iran talks but Abu Dhabi and Bahrain issue bonds

GULF COUNTRIES - Report 29 Sep 2019 by Rory Fyfe and Justin Alexander

Tensions with Iran and its allies dominated the agenda once again. There was no discernible progress at the UN General Assembly, where the tone and posturing broadly supported our expectations of only a slow movement towards a new nuclear deal but little enthusiasm for escalating the conflict. The Saudi-Yemen conflict came back into focus as apparent ceasefire progress was overshadowed by reports of a dramatic Houthi attack along the border. Meanwhile, Aramco appeared to exceed even its ambitious targets in restoring oil output, helping push down oil prices, and Abu Dhabi and Bahrain took advantage of a low global yield environment to issue bonds in spite of the regional political risk premium.

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