Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
GCC sovereign debt screens offer compelling highbeta opportunities within an otherwise tightly priced regional asset class, driven entirely by the heavy concentration of highyielding Bahraini paper at the top of the curve. Investors seeking elevated absolute yields can capitalize on shortduration entry points such as the Bahrain 6.5% maturing in April 2028, which currently screens at an attractive 10.189% YTW. Longerduration positioning also presents substantial total return potential, highlighted by the Bahrain 7.5% 2047 and Bahrain 6.25% 2051 offerings, trading at deep discounts with yields hovering between 8.67% and 8.83%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.189 | 98.99 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.83 | 87.4 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.671 | 75.62375 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.664 | 75.975 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.659 | 88.9 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.639 | 92.125 | 2037-07-07 | B | USD | 750MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.629 | 85.975 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.553 | 93.315 | 2036-02-12 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.542 | 90.81 | 2036-06-10 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …5282 | 7.375 | 8.502 | 96.59 | 2030-05-14 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.