The bonds of OPEC’s largest crude producer have shrugged off historically low energy prices and the coronavirus pandemic this year. Investors are pondering how long that outperformance will last with Joe Biden in the White House. Saudi Arabia’s US dollar-denominated debt has handed investors an average return of about ten percent this year through November 13, the second-best performance among developing nations, according to data compiled by Bloomberg. Despite its dependence on crude, the kingdom is one of the highest-rated sovereigns in emerging markets and its yields are more closely correlated to US Treasuries than those of its developing-nation peers. Saudi Arabia's economy, the biggest in the region, is coming under strain after Brent crude prices sank about 50% this year Its $7 billion sale of Eurobonds in April was heavily oversubscribed, with investors ...read more...