MENA: Higher Debt Issuance Plus Lower Ability To Pay - Worrying Trends

Markets are bouncing and many are seeing the light at the end of the recessionary tunnel at the moment. We do not disagree with the positive assessment over the short to medium term (having become bullish global stocks in mid-March). For the Middle East and North Africa region, the upward break in oil prices is particularly encouraging. We revised up our average Brent crude forecast to USS$49/bbl in early April, and the contract was trading well above US$50/bbl at the time of writing. However, regular readers will be well aware of our view that there could be a double dip

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