Gulf / GCC — Sovereign

Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).

The GCC sovereign screening is dominated entirely by the Kingdom of Bahrain’s USDdenominated sovereign curve, offering professional fixedincome investors highbeta exposure within an otherwise tightly compressed regional asset class. While investmentgrade issuers like Saudi Arabia and the UAE trade at much tighter spreads, Bahrain’s singleB rating anchors an attractive doubledigit and highsingledigit yield profile across both the short and long ends of the curve. The frontend is anchored by the shortduration BHRAIN 6.5% 2028 bond, which screens with an eyecatching 10.189% yield to worst at a cash price of 98.98, providing an appealing carry opportunity for crossover sovereign portfolios seeking immediate USD income without extended duration risk. Along the longer end of the curve, instruments such as the BHRAIN 7.5% 2047 and the BHRAIN 6.25% 2051 offer highcoupon and deeply discounted entry points—yielding 8.862% and 8.698% respectively—allowing portfolio managers to lock in elevated longterm yields while benefiting from potential capital appreciation as fiscal consolidation efforts continue.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.