Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign sector continues to offer compelling riskadjusted value, dominated heavily in our current screening by the Kingdom of Bahrain's USDdenominated sovereign curve, where yields are trading at a distinct premium to regional investmentgrade peers. Yieldtomaturity across the screened Bahraini sovereign stack ranges from the low8% area on longerduration paper—such as the 6.25% 2051 maturity offering a YTW of 8.525%—up to double digits on the short end, exemplified by the 6.5% 2028 printing at a 10.189% YTW. For institutional fixedincome allocators targeting highbeta EM debt with robust sovereign backing, intermediate and longdated issues like the 7.5% 2047 trading at 8.89 price (8.657% YTW) present attractive structural carry and potential price appreciation.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.189 | 99 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.657 | 88.9 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.525 | 76.8225 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.507 | 77.16 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.475 | 90.125 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.454 | 93.3558333 | 2037-07-07 | B | USD | 750MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.441 | 87.19 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.338 | 94.638 | 2036-02-12 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …2G83 | 5.25 | 8.327 | 85.24 | 2033-01-25 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.312 | 92.2325 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.