Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign space currently offers professional fixedincome allocators a compelling mix of regional fiscal resilience and highbeta yield opportunities, with the current screen heavily dominated by the Kingdom of Bahrain. Bahraini sovereign paper stands out on a relativevalue basis, offering significantly higher nominal and yieldtomaturity profiles than its investmentgrade Gulf neighbors while benefiting from implicit regional systemic support. Yields across the curve are robustly anchored above the 8.5% threshold, ranging from the frontend BHRAIN 6.5% 2028 printing a 10.189% YTW to longerdated issues like the BHRAIN 7.5% 2047 offering an 8.862% YTW.
| # | 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 | 8.862 | 87.121875 | 2047-09-20 | B | USD | 900MM | |
| 3 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.702 | 88.610625 | 2038-02-03 | B | USD | 1.3BN | |
| 4 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.701 | 91.7185 | 2037-07-07 | B | USD | 750MM | |
| 5 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.698 | 75.405 | 2051-01-25 | B | USD | 500MM | |
| 6 | Bahrain (Kingdom of) | …3123 | 6 | 8.681 | 75.8475 | 2044-09-19 | B | USD | 1.25BN | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.671 | 85.705 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.598 | 93.0425 | 2036-02-12 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.596 | 90.475 | 2036-06-10 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …7700 | 7.75 | 8.576 | 95.08625 | 2035-04-18 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.