Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
This screening of Gulf sovereign fixed income highlights a highbeta concentration in Bahraini government paper, offering institutional investors substantial nominal yields well above broader investmentgrade GCC peers. The sovereign curve is heavily anchored in the high8% to low10% yieldtomaturity range for singleB credits, with the shortend BHRAIN 6.5% 2028 leading the screen at a compelling 10.189% YTW. Longerduration issuances, such as the BHRAIN 7.5% 2047 and BHRAIN 6.25% 2051, present attractive structural discount pricing (trading at 88.86 and 77.25 respectively) alongside yields of 8.66% and 8.47%, providing compelling totalreturn and carry opportunities for portfolios comfortable with regional sovereign risk.
| # | 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 | 8.662 | 88.855 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …3123 | 6 | 8.486 | 77.315 | 2044-09-19 | B | USD | 1.25BN | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.473 | 77.25 | 2051-01-25 | B | USD | 500MM | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.456 | 90.25 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.423 | 93.56 | 2037-07-07 | B | USD | 750MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.411 | 87.375 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.329 | 92.125 | 2036-06-10 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …2G83 | 5.25 | 8.327 | 85.2176065 | 2033-01-25 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.319 | 94.75 | 2036-02-12 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.