Gulf / GCC — Sovereign

Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).

While headline GCC sovereign credit is typically synonymous with highgrade, tightyielding instruments from AAA/AArated Gulf powerhouses, our current screen is entirely dominated by the highbeta pocket of the region: Bahrain. This sovereign issuance offers professional fixedincome allocators a rare opportunity to capture emergingmarketequivalent yields backed by implicit and explicit regional geopolitical support. The topranked short end of the curve is anchored by the BHRAIN 6.5% maturing in April 2028, which stands out with a compelling YieldtoWorse of 10.189% at a price of 98.99, providing aggressive frontend carry for tactical portfolios. Further out along the curve, investors seeking duration and price appreciation can access deep discount bonds like the BHRAIN 6% 2044 trading at 77.315 with an 8.486% YTW, alongside longerdated paper such as the BHRAIN 6.25% 2051 offering an 8.473% YTW at 77.25, presenting attractive relative value across the sovereign's term structure.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.