Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign screen is currently dominated by highbeta opportunities in Bahrain, where fiscal constraints and a singleB credit rating push USDdenominated yields well above regional peers. For fixedincome allocators targeting doubledigit carry, the shortend BHRAIN 6.5% 2028 stands out with a yield to worst of 10.189% near par, offering robust compensation for sovereign duration risk. Across the longer end of the curve, instruments like the BHRAIN 7.5% 2047 and BHRAIN 6% 2044 trade at deep discounts—delivering yields to worst of 8.855% and 8.686% respectively—providing attractive entry points for investors seeking extended exposure to the Gulf sovereign space.
| # | 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 | 8.855 | 87.1875 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …3123 | 6 | 8.686 | 75.8125 | 2044-09-19 | B | USD | 1.25BN | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.683 | 75.5302389 | 2051-01-25 | B | USD | 500MM | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.672 | 88.8125 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.668 | 91.9375 | 2037-07-07 | B | USD | 750MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.645 | 85.875 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.593 | 90.5 | 2036-06-10 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.555 | 93.3075 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …7700 | 7.75 | 8.505 | 95.5 | 2035-04-18 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.