In Epochal Shift, Saudi Arabia Readies International Bond Sale
Something important happened today. The ubiquitous “people familiar with the matter” confirmed that Saudi Arabia is set to tap international capital markets for the first time in a bond sale worth as much as $15 billion. Although the Gulf’s budget crunch began making front page financial news (finally) late last year and has been a…
Is Someone Lying About Saudi Arabia’s US Treasury Holdings?
I’ve thought (and written) quite a bit about what Deutsche Bank called “quantitative tightening” last autumn. The concept, like many complicated-sounding ideas, is actually simple: countries hold reserves to guard against economic turmoil and when they sell those reserves in times of stress it amounts to the opposite of QE because those reserves are primarily…