GCC bond and sukuk markets have experienced a distinct “relief rally” since the signing of the Iran-U.S. ceasefire on April 8, steadily recovering from their sharp sell-offs in the weeks following the outbreak of the conflict at the end of February
Many GCC US dollar sukuk (Islamic bond) and bond yields had widened to five-year high spreads by the end of March—the highest levels since the pandemic—but have narrowed significantly toward pre-war levels over the past few months.
