Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign screening is currently dominated by highyielding Bahraini paper, offering institutional fixedincome investors a compelling pickup over regional investmentgrade peers. Shortend and intermediate tranches present attractive carry dynamics, notably the BHRAIN 6.5% maturing in April 2028, which trades at a robust 10.189% YTW. Across the longer end of the curve, deeply discounted structures such as the BHRAIN 7.5% 2047 and BHRAIN 6.25% 2051—yielding 8.667% and 8.521% respectively—provide meaningful duration extension for portfolios targeting absolute return in singleB sovereign debt.
| # | 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 | 8.667 | 88.8133334 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.521 | 76.855 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.5 | 77.2116667 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.493 | 77.0886778 | 2051-01-25 | B | USD | 500MM | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.472 | 90.146 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.439 | 93.4525 | 2037-07-07 | B | USD | 750MM | |
| 8 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.435 | 87.225 | 2037-10-06 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.334 | 94.6658333 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.305 | 92.277 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.