MENA Debt: Yields Ticking Up, Could Go Further

A number of sovereign bonds across the Middle East and North Africa (MENA) region have rallied significantly over the course of 2009, but this bull run is showing signs of running out of steam. Indeed, we highlight here that yields on a number of instruments have recently turned up, virtually in tandem, and momentum could take them even higher. Regardless of the macroeconomic fundamentals of the countries themselves, the performance of the bonds over the past year and a half or so has been chiefly driven by levels of risk appetite in global financial markets. Consequently, these rising yields could

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