Saudi Arabia will join the JPMorgan Emerging Market Bond Index (GBI-EM) in 2027, with sovereign bonds expected to reach a 2.52% weighting.
Crude oil supplies from Iraq and Kuwait could start shutting in within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day (bpd) by day eight of the Middle East conflict, JP Morgan analysts said in a note.
