Global 2028: Going Neutral

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The yield on Iraq's US$ Global 2028 bond has come in since we highlighted the possibility of further gains on May 7 (see Global 2028: Further Gains Likely In S-T), falling from 11.73% to 10.62% at one point on May 27. The yield has stagnated around this level for the past few days and there have to be question marks over how much further it can come in.