Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
While the broader Gulf sovereign universe is typically dominated by highgrade, tightyielding credits from Saudi Arabia, the UAE, and Qatar, our current screen highlights distinct highbeta relative value opportunities within the region, specifically surfacing doubledigit and highsingledigit yields from Bahrain (rated B). Fixedincome portfolios seeking enhanced emerging market sovereign carry can currently access compelling riskadjusted compensation further down the GCC credit spectrum, led by the shortend BHRAIN 6.5% 2028 trading at a striking 10.189% YTW. Longerduration exposure offers substantial spread pickup and potential capital appreciation via deepdiscount structures, illustrated by the BHRAIN 6% 2044 and BHRAIN 6.25% 2051 offering yields to worst of 8.486% and 8.473% respectively, alongside intermediate curve points such as the BHRAIN 7.5% 2037 at 8.423% YTW.
| # | 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.