Global 2028 Bond: Still Bearish

While the yield on Iraq's US$ Global 2028 bond has come in somewhat over the past week, we are not yet prepared to alter our bearish stance towards the instrument. The bond's yield fell to 14.8% on January 7, having reached an all-time high of 15.7% on December 2, 2008. We attribute this short-term move largely to the early January bounce in global markets,

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