Reports that Saudi Arabia would seek to escalate the conflict with Iran triggered a new wave of risk-off sentiment, though this ultimately proved limited, as afternoon buying mitigated the initial impact of the news. This was compounded by the announcement that the U.S. would deploy 3,000 troops to the Middle East, pushing global interest rates up by 4–7 basis points and leaving most equity indices in positive territory. Energy ended up an average of +4%, while metals and agriculture gained 1-2%. The dollar appreciated 0.5% and the VIX rose to 27.

Venezuela and PDVSA fell by 0.25–0.5 basis points, in line with the trend in Latin American fixed income, which declined by 0.3–0.7 basis points, leaving spreads largely unchanged.