Retreat To Safety

May 2004 | Bond Sentiment Index

The Middle East and Africa regional BSI for May was virtually unchanged on last month's survey at 95.6. Predictably, major petroleum plays in the region such as Nigeria and Algeria have made appeal in the context of the recent surge in crude oil prices. Algeria sovereign bond instruments are short-term and market players in the past have held these in bearish times for the EM asset class as a whole. Moreover, the country does not appear to have foreign financing needs in the medium term. Algeria also has a comfortable international liquidity cushion in the form of US$34.5bn in forex

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