Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
Gulf sovereign credit screening currently highlights a distinct bifurcation between highgrade regional anchors and highyield opportunities, driven entirely by Bahraini issuance dominating the upper tiers of our screens. Yieldhungry institutional portfolios are finding compelling carry across the curve, led by the shortend BHRAIN 6.5% maturing in April 2028 offering a 10.189% YTW at a cash price of 98.99. Longerduration positioning also presents notable totalreturn potential, with the discounted BHRAIN 6.25% 2051 trading down at 76.72 to deliver an attractive 8.538% YTW alongside the midcurve BHRAIN 7.5% 2037 yielding 8.468%.
| # | 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 | 8.654 | 88.91875 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.538 | 76.7175 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.517 | 77.081 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.486 | 90.055 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.468 | 93.25625 | 2037-07-07 | B | USD | 750MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.468 | 87.013 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.358 | 94.512 | 2036-02-12 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.334 | 92.095 | 2036-06-10 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …2G83 | 5.25 | 8.327 | 85.23 | 2033-01-25 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.