Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
While headline GCC sovereign flow typically prioritizes highgrade UAE and Saudi paper, a valuedriven screen of the region directs immediate attention toward Bahrain’s highyield USD sovereign curve, which currently dominates our topranked opportunities. Yields across these singleB rated instruments offer a distinct pickup over investmentgrade Gulf peers, anchored by the shortend BHRAIN 6.5% maturing in April 2028 at a compelling 10.189% YTW. Longerduration positioning presents deepdiscount entry points and robust carry, highlighted by the BHRAIN 7.5% 2047 yielding 8.627% alongside the 2051 maturities hovering near an 8.5% yieldtoworst.
| # | 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 | 8.627 | 89.1593182 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.493 | 77.09 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.472 | 77.270625 | 2051-01-25 | B | USD | 500MM | |
| 5 | Bahrain (Kingdom of) | …3123 | 6 | 8.447 | 77.6185938 | 2044-09-19 | B | USD | 1.25BN | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.422 | 90.4888889 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.379 | 93.8522222 | 2037-07-07 | B | USD | 750MM | |
| 8 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.369 | 87.6595 | 2037-10-06 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.279 | 95.0044444 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.258 | 92.5726786 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.