Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign sector presents a compelling divergence between toptier regional balance sheets and highbeta catchup opportunities, with Bahrain dominating our current screen by offering doubledigit and highsingledigit yields against an increasingly resilient macroeconomic backdrop. Incomefocused institutional portfolios can lock in substantial carry across Bahrain's curve, highlighted by the shortend BHRAIN 6.5% maturing in April 2028 delivering a robust 10.189% yield to worst near par. For longerduration mandates seeking attractive spread pickup relative to investmentgrade regional peers, the sovereign's curve offers sustained value, as demonstrated by the longend BHRAIN 7.5% 2047 yielding 8.849% and the midcurve BHRAIN 7.75% 2035 offering 8.591%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.189 | 98.98 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.849 | 87.2341667 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.742 | 91.44625 | 2037-07-07 | B | USD | 750MM | |
| 4 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.725 | 88.456875 | 2038-02-03 | B | USD | 1.3BN | |
| 5 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.722 | 75.21 | 2051-01-25 | B | USD | 500MM | |
| 6 | Bahrain (Kingdom of) | …3123 | 6 | 8.699 | 75.7091667 | 2044-09-19 | B | USD | 1.25BN | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.696 | 85.54125 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.623 | 90.3033333 | 2036-06-10 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.596 | 93.048125 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …7700 | 7.75 | 8.591 | 94.9975 | 2035-04-18 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.