Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
While the broader GCC sovereign asset class is typically anchored by highgrade, energybacked AA and A credits, the current opportunity set is heavily skewed toward highbeta regional paper offering compelling doubledigit and highsingledigit yields. Specifically, Bahraini sovereign issuances dominate the topranked screening metrics, providing professional fixedincome allocators with an entry point into highyield Gulf debt backed by strong regional geopolitical support and structural reform narratives. Investors looking to lock in duration and premium carry will find notable value along the Bahrain curve, ranging from the shortend BHRAIN 6.5% 2028 offering a 10.189% YTW, down to longdated paper such as the BHRAIN 7.5% 2047 yielding 8.885%.
| # | 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 | 8.885 | 86.935 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.716 | 91.625 | 2037-07-07 | B | USD | 750MM | |
| 4 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.709 | 88.565 | 2038-02-03 | B | USD | 1.3BN | |
| 5 | Bahrain (Kingdom of) | …3123 | 6 | 8.703 | 75.685 | 2044-09-19 | B | USD | 1.25BN | |
| 6 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.684 | 85.625 | 2037-10-06 | B | USD | 1BN | |
| 7 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.666 | 75.6668729 | 2051-01-25 | B | USD | 500MM | |
| 8 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.654 | 90.125 | 2036-06-10 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.626 | 92.875 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …7700 | 7.75 | 8.591 | 95 | 2035-04-18 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.