Bahrain tar :tare vulnefable. pgg safe —7.
Our recommendation is to watch the 12m USDSAR
forward for better entry levels to buy. The spring ... indicatively trading below SAR. sea° ores` ooto 41*-4.,,yen,*
While the May 2015 USDSAR entry point may appear
obvious in hindsight, and unlikely to repeat, markets Government assets ... Budget breakeven of pnce 2015, USDibbl (rho)
we see sub-400 levels in 12m USDSAR forward points
Sown SF,Ilassal• honor Alps, Seinen)
again it will be time