A $6 Trillion Fund’s Guide to the Gulf: Buy Qatar, Avoid Saudi
- Vanguard sees Saudi as more vulnerable than Abu Dhabi, Qatar
- Fund added to Abu Dhabi exposure, didn’t buy new Saudi bond
A man wearing a mask walks along the Doha corniche on March 16.
Source: AFP via Getty Images
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When it comes to the Gulf, Vanguard Asset Management is buying the bonds of Abu Dhabi and Qatar, and shunning those of Saudi Arabia.
The three energy-rich states are among the strongest credits in emerging markets, each of them possessing ratings of single-A or better. This month they sold $24 billion of Eurobonds between them.