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 dominated entirely by Bahraini sovereign paper. Bahrain's USDdenominated sovereign curve presents deep value for crossover accounts, anchored by the frontend BHRAIN 6.5% maturing in April 2028 which trades at a highyielding YTW of 10.189%. Across the longer duration spectrum, investors can capture attractive riskadjusted spreads ranging from 8.57% to 8.86%, illustrated by the longend BHRAIN 7.5% 2047 offering an 8.862% YTW and the midcurve BHRAIN 7.75% 2035 providing an 8.576% 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.