Middle East Economic Survey


No 19


Energy Bonds Test Market Despite Greek Debt Crisis

In recent weeks a few energy sector bonds have tested the market despite growing fears that the Greek fiscal crisis may not be contained. Riots in Athens, where citizens protested austerity measures being implemented to tackle the deficit, were accompanied by a fall in the euro to 15-month lows against the dollar, credit market volatility and higher prices for bond issuers.

Defying the market...