A borrowing bonanza in the Middle East is laying bare just how varied the risks are on the Arab Peninsula.
In Qatar, billions of dollars in recently raised sovereign debt will help to accommodate soccer fans when FIFA comes to town. In Bahrain, bond proceeds are expected to keep a lid on simmering social unrest.
A second year of low oil prices has left the Arab states of the Persian Gulf with lingering budget deficits, forcing them to borrow money from international lenders. While the six nations of the Gulf Cooperation Council are often discussed as a whole, their experience in debt markets and the implications of the borrowing binge for each country is anything but uniform.
Some Gulf states have strong credit ratings but lack experience managing big debt loads. Others are avid borrowers but could see their costs rise as debt becomes larger in proportion to their economic output.
The borrowing also comes as Gulf nations embark on ambitious plans to diversify their economies to become less reliant on oil. Moody's warned in August that the short-term relief brought by borrowing could cause Gulf states to delay much-needed reforms.